Adams State University recently released an economic impact study showing the school contributed more than $78 million to Colorado’s San Luis Valley economy last year.
The study was conducted by Adams State associate marketing professor Liz Thomas Hensley and senior marketing student Jake Heaton. The economic impact report was delivered to the university's Board of Trustees and was intended as a way to show how important the university is to the community.
"We wanted to illustrate the economic importance of Adams State University to the Valley,” Adams State President Beverlee McClure said. “This study reflects the economic devastation that could result if the university were no longer here."
The study was based on data collected from the 2014-2015 academic year. The numbers show Adams State added just over $78 million to the San Luis Valley economy over that period, and nearly $112 for the whole of Colorado.
The economic impact report took five main categories of spending into consideration. The largest was money spent for student living and personal expenses. After that came employee payroll and direct spending at the university, operations expenses, university-sponsored events, and impact on the local health care industry.
The report also found that Adams State contributes to the local job market. For every two positions at the university, another job is created in the San Luis Valley.
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