$2.7 Billion: New Report Details UL Lafayette's Impact On State EconomyJun 05, 2023 07:11PM ● By Press Release
The University of Louisiana at Lafayette had a statewide economic impact of $2.7 billion for the fiscal year 2021-2022.
That total supports more than 34,600 jobs – one out of every 78 jobs in the state. UL Lafayette’s $1.7 billion economic impact in Acadiana supports more than 25,100 jobs – one out of every 15 jobs in the region.
Those are findings of an independent economic impact and investment analysis conducted by Lightcast. The global consulting firm has headquarters in Boston and in Moscow, Idaho. The firm has conducted more than 2,800 economic impact studies for colleges and universities.
The economic impact report was commissioned by Dr. Joseph Savoie, UL Lafayette president, who said it underscores the University’s status as “a powerful, vital engine for economic and workforce development.”
“The report represents our strength as a significant contributor to the economic health of the region and state, and underscores opportunities for increasing our contributions. It also indicates that state funds provided to the University are investments that pay measurable dividends,” Savoie added.
The University impacts the state economy in many ways, including through direct and indirect employment, the purchase of goods and services, technology transfer, and education of the future workforce.
Dr. Ramesh Kolluru, vice president for Research, Innovation, and Economic Development, said the report affirms the University’s longstanding reputation as “a good investment.”
“The scope and reach of our impact and influence extends far beyond campus. And that instills confidence in our students, in our industry partners, and in our research collaborators. It also signals that we are better positioned than at any time in our history to grow exponentially in a range of areas, including scholarship, research and collaboration with outside entities,” he said.
The University’s research activities and partnerships also impact the state economy in a range of ways, Kolluru added. In addition to generating employment opportunities and injecting revenue into the economy, research initiatives spur inventions, patent applications and licenses.
Below are other findings included in the firm’s report.
- Alumni generated $2.2 billion in added income for the state economy.
- Students who attended UL Lafayette in fiscal year 2021-2022 will earn a projected $1.1 billion more over the course of their careers.
- Research spending generated $141.7 million in added income for the Louisiana economy.
- The net impact of the University’s operations spending, which reflects 1,582 full-time and part-time employees, added $111.1 million in income to the state economy.
- Community service performed by students and faculty and staff members generated an impact of $1.8 million.
- University events and activities that attracted visitors from outside the state added $1.4 million in income to the state economy.
Photo by: Parish News
Graphic by: University of Louisiana at Lafayette