Virginia University at Parkersburg
WVU Parkersburg impacts local economy by more than $52 million.
Additional information: Erik Bitterbaum, president of WVU Parkersburg, 304-424-8200; Sy Sarkarat, chair of Business and Economics Division, 304-424-8279.
FOR IMMEDIATE RELEASE
West Virginia University at Parkersburg impacts the Mid-Ohio Valley’s economy by more than $52 million, according to a new study by the college’s Business and Economics Division.
The report outlines the direct and indirect economic effect of the Parkersburg campus and shows how the college serves as an economic catalyst.
"I undertook this study to provide a conservative estimate of the college’s impact," said Sy Sarkarat, chair of WVU Parkersburg’s Business and Economic Division and author of the report.
Sarkarat calculates WVU Parkersburg had a direct impact on the region’s economy of approximately $30 million with a total effect of more than $52 million during 2000-2001.
"This study demonstrates how WVU Parkersburg serves as a significant economic engine for the Mid-Ohio Valley," noted Erik Bitterbaum, president of the Parkersburg campus.
Included in the report are measurements of WVU Parkersburg’s direct effect on the regional economy, including the institution’s operating, capital, employee and student expenditures as well as the indirect expenditures that are generated.
"For every dollar of college operating expenditures, an additional spending of $1.38 is created," Sarkarat explained.
He noted that the college’s operating expenditures totaled $15.7 million in 2000-2001, including $9.6 million in wages, salaries and fringe benefits for 323 employees. Total direct student spending during that time is estimated at $14.3 million for 3,181 full- and part-time WVU Parkersburg students.
The economics professor patterned the WVU Parkersburg’s study after a similar one conducted at the University of North Carolina-Asheville.
A copy of the complete economic impact report is available on the college’s web site at www.wvup.edu/academics/business/impactwvup.pdf or from Sarkarat at 424-8279.
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