The conclusion of a recent five-year study of Tennessee Wesleyan's direct economic impact on the local community shows approximately 90 percent of Tennessee Wesleyan's expenditures are made, on the average, in the five counties of McMinn, Bradley, Monroe, Loudon, and Knox.
The study, commissioned by the university and conducted by Dr. Fred H. Martin Educational Consulting, claimed that, during 2012-2017, Tennessee Wesleyan contributed more than $343 million to the local economy (an average of $68.6 million per year).
The study focused on three major aspects of Tennessee Wesleyan's economic impact during 2012-2017:
1. Local business volume generated by Tennessee Wesleyan's expenditures--$164.6 million.
2. Local full-time jobs created and sustained by Tennessee Wesleyan's presence--11,224 jobs.
3. Individual income generated by Tennessee Wesleyan's expenditures--$178.8 million.
Also worth noting is what the study doesn't include, according to Tennessee Wesleyan President Dr. Harley Knowles.
"We didn't factor in the value that results from the improved productivity and quality of life achieved through increased education. Nor did we include the indirect impact of having a trained and educated workforce available to local employers," he noted.
"That sort of indirect economic impact cannot be forgotten. Companies simply wouldn't locate here if they couldn't find the human resources they needed or the opportunities for personal growth that Southeastern offers this region."
This study documents the contribution Tennessee Wesleyan makes to a robust local economy. Resulting benefits include increased job and investment opportunities, increased business revenues, greater availability of public funds and an eased tax burden.
The $68.6 million put back in the East Tennessee economy is significant. The University strives to impact the greater community through education, service and overall partnership. In fact, in the same fiver-year span, TWU students have logged 91,931 service hours around our community. This dedication to continuously improve our community will remain a major goal for Wesleyan in the years to come.