Sterling College Economic Impact Estimated to be $29 million
The Kansas Independent College Association today released the results of a study that estimates the impact of Sterling College on the statewide economy to be $29 million dollars and 261 jobs.
“Our faculty and staff are committed to our mission and the success of our students, but it is important to remember that Sterling College also plays a vital role in both the state and the regional economies. Our operations and the economic activity generated by our faculty, staff, and students touch virtually every corner of our local economy including education, hospitality, child day care services, and retail,” Dr. Scott Rich, president.
The study was commissioned by the KICA and was conducted by Parker Philips, a nationally recognized consulting firm specializing in economic impact analysis. Nichole Parker, a principal partner at Parker Philips, said, “Economic impact is an objective way to measure the significance of an organization in the regional economy. Sterling College clearly is a major contributor to the regional economy.”
In the analysis, the study considered the direct spending on operations, pay, benefits, and capital projects by Sterling College and the estimated increase in demand for goods and services in industry sectors that supply or support the College. The study also measured the effect of student spending and the induced effect of increased household income.
According to the study, a key result of this activity is that Sterling College supports and sustains 261 jobs including direct employment by the College as well as indirect and induced jobs created by supply and equipment vendors, contractors, and laborers for the construction and renovation of facilities, and jobs created in the community at hotels, restaurants, and retail stores in support of the College’s faculty, staff, students, and visitors.
The study also calculated tax revenues generated by this level of economic activity, including sales, property, personal income, and corporate income taxes. The study concluded that Sterling College generates about $1.7 million in tax revenues for state and local government.
Statewide, all private, nonprofit colleges and universities, including all 20 KICA members, plus the spending of its faculty, staff, and students, had a total statewide economic impact of $1.1 billion. This activity generated an estimated 8,269 jobs in the state.
The economic impact report for Sterling College is available here.
Sterling College is a Christ-centered, four-year college located in Sterling, Kansas, with a mission to develop creative and thoughtful leaders who understand a maturing Christian faith. For more information, visit www.sterling.edu.