College adds impact to area economy
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[SEPT. 25, 2006]
For the past 141 years, the feeling among
supporters of Lincoln College has been that the institution has
been, is and will continue to be a huge asset to the city of Lincoln
and Logan County. A recently completed economic impact study proves
that theory to be true.
The analysis completed by economists Lon Carlson and
James Payne of The Stevenson Center at Illinois State University
found that Lincoln College makes a $13 million impact on the local
economy. Lincoln College, which ranks in the top 10 employers in
Logan County, employs 195 full-time positions as well as 165
part-time jobs, which result in approximately $6.3 million paid in
salaries and wages. Lincoln College spent $6.6 million in
expenditures. The figures are based on LC's audited financial 2005
President John Hutchinson says he's not surprised by
the findings. "This economic impact study reminds us what Lincoln
and Logan County would be like if Lincoln College didn't exist," he
said. "Whether it is dollars spent, jobs created or other college
ventures, the campus is a significant contributor to this city's
economic well-being and rich quality of life."
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Hutchinson noted that the report did not take into
consideration the impact of student spending in the area. "The $13
million impact, while impressive in itself, substantially
understates the total economic impact of the college. If one were to
take into consideration student spending and the spending of
students' families while in Lincoln, the total impact would be
significantly greater," he said.
Lincoln College's vice president of institutional
advancement, Debbie Ackerman, wasn't shocked by the information.
"This economic impact study provides invaluable information for
college and community leaders," Ackerman said. "It demonstrates that
Lincoln College offers the community a more educated society,
cultural opportunities and other activities, as well as having an
ongoing economic impact in central Illinois. It's good news for all
of Logan County."
The report used the Impact Analysis for Planning
model, which was developed by the U.S. Department of Agriculture.
College news release]