Kentucky’s 18 independent, nonprofit colleges and universities contribute $2.06 billion to the state and local economies, according to a report released by the Association of Independent Kentucky Colleges and Universities. AIKCU announced the results of a study of its member institutions for Fiscal Year 2021-22, the most recent period for which data was available at the time of completion.
More than 59,000 students attend AIKCU’s member institutions, which award one in five bachelor’s degrees in Kentucky.
“In addition to providing widespread access to higher education and helping develop Kentucky’s skilled workforce, AIKCU’s member colleges and universities are anchor institutions in communities throughout the commonwealth,” said Mason Dyer, AIKCU president. “They serve as hubs for the arts, culture, athletics, and community engagement, and are uniquely positioned to enhance the quality of life in their regions.
“While these institutions are widely recognized for contributing to the well-being of their communities, these numbers reinforce our long-held belief that the investment in state aid for students attending independent colleges and universities represent one of the best rates of return on investment for the Commonwealth.”
In addition to measuring the overall impact of the independent college and university sector in Kentucky, the report also drills down to estimate the local impact of each institution, which ranges from $19 million to more than $300 million.
“Kentucky’s private colleges and universities are important economic drivers throughout the state, serving both rural and urban students and communities,” said Dr. John P. Marsden, president of Midway University and chair of the AIKCU Board of Directors. “The financial health of our institutions contributes directly to the state’s economy, and we play a critical role in educating the future workforce of Kentucky.”
Report Highlights
Calling the $2.06 billion contribution to Kentucky’s bottom line “remarkable,” Dyer explained that the total economic impact for AIKCU as a whole is the sum of $1.5 billion in direct spending and $546 million in induced spending.
The total economic impact of the individual colleges and universities is as follows:
Association of Independent Kentucky Colleges and Universities