JMU contributes $480 million to local economy: Report

Published Tuesday, Aug. 9, 2016, 9:48 am Join AFP's 100,000+ followers on Facebook Purchase a subscription to AFP | Subscribe to AFP podcasts on iTunes News, press releases, letters to the editor: augustafreepress2@gmail.com Advertising inquiries: freepress@ntelos.net

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James Madison University contributed $480 million to the Harrisonburg and Rockingham County economies and attracted 278,430 visitors from outside the area during fiscal year 2015, according to a new economic impact analysis.

The university partnered with the Weldon-Cooper Center for Public Service at the University of Virginia to conduct the study of university spending, using similar methodology to previous studies in 2006 and 2010.

JMU currently enrolls approximately 21,000 students, employs more than 3,700 full and part-time faculty and staff, and has an annual operating budget of nearly $500 million.

Key findings in the study include:

JMU and its students, employees and visitors spent more than $480 million within the Harrisonburg Metropolitan Area in Fiscal Year 2015, an increase from $448 million in Fiscal Year 2009.

The university alone spent $282 million locally, representing more than half of its total spending in FY2015.

More than 4,600 non-JMU jobs in the local area were the result of university-related spending; the total employment related to JMU was 8,400.

More than $93 million was spent in “indirect effects” – payments to local businesses that were re-spent with other local businesses.

More than $85 million was spent in “induced effects” – payroll received by employees working for local businesses that were re-spent to support their households.

The top categories for university spending in the Harrisonburg Metropolitan Area were: payroll, $171.2 million; dining and lodging, $47.6 million; contract construction, $24.5 million; utilities, $8.3 million.

The university paid more than $23 million in health-insurance premiums for its employees.

University-related spending generated a tax effect of $11 million in revenue to local governments and $5 million to other localities within the state.

During FY 2015, JMU attracted an estimated 278,430 visitors from outside the area to the campus for college-related events and activities.

The full study is available at: bit.ly/JMU-Eco-Impact-2015

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