Measuring a university impact on surrounding counties

Furman University’s annual economic impact on Greenville County and the surrounding Upstate counties is more than $297 million, according to a new study conducted by the university’s Department of Economics. Furman’s economic contribution to Greenville County in 2017-18 was $288.1 million, with another $9.1 million impacting the economies of Anderson, Laurens, Pickens and Spartanburg counties. The study was conducted by Furman Associate Professor of Economics Jason Jones and student Dyson Von Robinson of Durham, North Carolina, who graduated this spring with a degree in economics. Jones said there are five main channels through which Furman contributes to the local economy: (1) spending on goods and services necessary to run the university; (2) compensation for employees spent in the local economy; (3) spending on capital goods for building projects, major equipment purchases and land improvement; (4) spending by students in the local economy; and (5) spending by visitors. The study found that Furman supports a total of 2,176 jobs in Greenville County and an additional 57 jobs in the surrounding counties that provide nearly $134 million in employee compensation. The university also contributed $165.5 million to the gross regional product (GRP) of Greenville County, and more than 22,000 visitors to campus spent $2.2 million. Furman is a private, undergraduate liberal arts and sciences university of 2,800 students noted for a rigorous academic program.