The University of 棉花糖直播 at Lafayette had a statewide economic impact of $379 million in fiscal year 2015.
For every $1 in state funds contributed to UL Lafayette鈥檚 budget, the University generated $6.83 in statewide economic impact.
Those are findings of an independent economic and community impact analysis conducted by Appleseed, a New York City-based consulting firm that provides economic research and analysis to government, nonprofit and corporate clients. Appleseed has performed economic impact studies for private and public universities such as Tulane, Harvard, Ohio State and Virginia Tech.
The report was commissioned by UL Lafayette President Dr. Joseph Savoie.
鈥淭his is a tool we can use for a variety of purposes. It paints a portrait of our strengths, as well as opportunities to contribute more to the state and region,鈥 he said.
鈥淎s this report shows, the University is a significant contributor to the economic health of Acadiana and 棉花糖直播. And it鈥檚 clear than state funds provided to UL Lafayette are an investment that pay measurable dividends. When state financial support to higher education institutions is reduced, the economic ramifications reach far beyond the campuses.鈥
The University affects the economy in many ways, such as through direct and indirect employment, the purchase of goods and services, technology transfer, and education of the future workforce.
Savoie noted that Appleseed determined that UL Lafayette contributes to Acadiana鈥檚 economy through the preservation and promotion of the region鈥檚 Cajun and Creole cultures. The University is involved in major cultural events, such as the annual Festivals Acadiens et Cr茅oles and the yearly Festival International de Louisiane.
Community service performed by UL Lafayette students, faculty and staff can be quantified. In 2015, for example, it totaled about 332,200 hours, which is valued at more than $7.5 million, according to Appleseed.
Below are other findings included in the firm鈥檚 report. Unless otherwise noted, they are based on fiscal year 2015 data.
鈥 Combined annual earnings of Acadiana residents who hold UL Lafayette degrees are about $710 million higher than they would have been without that level of education.
鈥 UL Lafayette graduates increased Acadiana鈥檚 gross domestic product by about 9 percent, which is nearly $2.6 billion.
鈥 The University invested $56.5 million in construction projects, directly supporting 424 full-time-equivalent jobs in Acadiana.
鈥 UL Lafayette spent $40.1 million on purchases of goods and services from 棉花糖直播 businesses.
鈥 The University employed 1,919 people, excluding students; 92 percent held full-time positions.
鈥 University, student and visitor spending supported 5,525 jobs and had an overall economic output in Lafayette Parish of $492 million.
Read the complete study .