North Carolina Wesleyan University (NCWU) continues to be a vital economic driver in Central and Eastern North Carolina, contributing $209.3 million to the regional economy in fiscal year 2022-23, according to a recent economic impact study performed by Lightcast.
The report highlights NCWU’s role in job creation, business development, and workforce readiness, supporting 2,316 jobs across Edgecombe, Franklin, Halifax, Johnston, Nash, Pitt, and Wilson counties. The university employs 244 faculty and staff, with payroll expenditures of $16.3 million circulating throughout the local economy. Additionally, NCWU serves as both an employer and buyer of goods for its day-to-day and construction operations.
NCWU’s commitment to innovation and entrepreneurship is evident in its spin-off companies, which include MBM Corporation, FullSTEAM, Taylor Financials and Stroud Company CPA, generating $18.1 million in regional income. These companies, founded and nurtured by university programs, faculty, and alumni, have strong ties to NCWU and continue to create economic opportunities in the region.
Out-of-region visitors attracted to North Carolina activities at Wesleyan brought new dollars to the economy through their spending at restaurants, gas stations, and other regional businesses. Visitor spending from university events contributed an additional $413,000, while student spending added $4.9 million. Around 47% of students attending Wesleyan originated from outside the region. In addition, some retained students would have left the Central and Eastern NC for other educational opportunities if not for NCWU. These relocated and retained students spent money on groceries, rent payments, and other living expenses at regional businesses.
NCWU’s alumni play a significant role in the regional economy. Former students currently in the workforce generate $156.8 million in added income, supporting approximately 1,640 jobs. Whether the impact is evident once in a lifetime or a million times a day, it is a lasting impact.
Students experience a strong return on investment, gaining an estimated $4.90 in higher future earnings for every dollar invested in their education. In return for their investment, students will receive a stream of higher future earnings that will continue to grow throughout their working lives. For example, the average NCWU bachelor’s degree graduate from FY 2022-23 will see annual earnings that are $29,900 higher than a person with a high school diploma or equivalent working in North Carolina.
The university’s presence also provides substantial benefits to North Carolina taxpayers, generating $48.5 million in increased tax revenues and reducing demand for government-funded services. Over the course of students’ careers, NCWU’s contributions to the state economy are projected to reach $461.1 million, yielding a social return of $38.4 million in social savings.
Beyond economic contributions, the education provided by NCWU leads to significant social savings in areas such as healthcare, the justice system, and income assistance. A more educated workforce results in lower healthcare costs, reduced crime rates, and decreased reliance on government supported programs, yielding an estimated $38.4 million in social savings.
Overall, the social benefits of NCWU amount to a present value of $499.5 million, encompassing $294.3 million in added student income, $135.5 million in additional business income, $31.5 million from university activities, and $38.4 million in social savings.
NCWU President Dr. Evan D. Duff emphasized the university’s impact, stating “This study reaffirms NCWU’s role as a catalyst for regional economic growth, workforce development, and social mobility. We are proud to contribute to the prosperity of North Carolina and remain committed to providing high-quality education that fuels individual and community success.”
Wesleyan continues to create value by equipping students with the skills necessary for career success and economic mobility. The university’s influence extends beyond its classrooms, shaping the lives of its students and strengthening the broader regional economy. It offers a best-in-class value and a personally tailored private higher education experience. Wesleyan invests in each and every student by providing individualized experiences that are Personal, Practical, and Purpose-Driven.
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