Central State University creates more than $140 million annually in regional economic impact through capital, student and operational spending, according to a study commissioned by a state higher education council.
The report suggests that CSU, the 2017 HBCU of the Year and Ohio’s flagship historically black public institution, lends varying levels of support to nearly 1,000 jobs in Ohio’s Greene and Montgomery Counties and is a key driver of more than $87 million in economic gain for the region. From a release:
Ninety percent of the $60.5 million Central State spent on operations was “new” money brought into the region. Because of Central State’s increased activity in the area, $87.9 million was generated in Greene and Montgomery counties.
“As a driver of the economy, the impact this University has is undeniable,” said Curtis Pettis, Vice President for Administration and Finance & CFO. “Our focus is to continue to seek innovative ways to build business partnerships and to drive economic vitality that benefits the University and local communities.”
The report also shows that Central State is a major industrial partner for Xenia, OH, offering workforce development and economic support to the city through collaborative development projects with local healthcare, recreation, and education sectors.
Xenia City Manager Brent Merriman said, “this study confirms what we have believed and recognized for years about the vital importance of Central State University and its impact upon our region, and upon the City of Xenia. Not only is CSU’s importance measured in educational attainment for thousands of students who have graduated over the years, but also in hard dollars that directly impact businesses and organizations throughout the City of Xenia. The SOCHE report further exemplifies why partnering with Central State University not only makes good sense educationally, but makes good economic sense as well for the future sustainability of many businesses in and around Xenia.”
The number exceeds by more than $40 million statistics recently published by the United Negro College Fund’s national HBCU economic impact study, which attributed 940 jobs to the institution.