Colleges Add Billions To NC Economy

A new study says that North Carolina colleges and universities contribute over $4 billion to the local economy. The study is being released just as state legislators are beginning to craft a budget for the next two years.

The report focuses on how much money colleges spend on payroll, operations and construction. It also factors in student expenses, how much campus visitors spend on hotels and restaurants, and the earnings of alumni who remain in the state.

The Winston-Salem Journal reports that when all is said and done, local universities and colleges contributed $4.17 billion to the regional economy during the 2012-13 fiscal year.

Statewide, that figure grows to over $63 billion.

Wake Forest University alone contributed more than $3 billion to the economy, the largest share of any college or university in Forsyth County.. The report says that spending is the equivalent of creating more than 42, 000 new jobs in a 13-county service area.

College presidents throughout the region are touting the impact that area schools have on the economy and the local workforce.