There’s no doubt an institution like George Fox can have a significant impact on the surrounding communities. But recent findings by professor Nate Peach and a group of 13 George Fox students detailing the economic impact the university has on Yamhill and Washington counties resulted in a staggering figure: $140 million.
That’s right, Peach and students in his economic development course determined that George Fox was responsible for approximately $140,065,887 of the local economy’s income in 2014, including nearly $111 million in “direct” spending and more than $29 million in “indirect” spending – income and jobs created through the spending of students and university employees.
Results were derived using the Bureau of Economic Analysis’ Regional Input-Output Modeling System (RIMS II), a standard model applied by economic development practitioners.
The university’s sources of income and spending in the local economy considered in the report include revenue from undergraduate and graduate tuition, spending on new buildings, undergraduate student spending, capital and operating expenditures, and employees’ salaries and benefits. View the full report.