Shenandoah University reveals economic impact study results
WINCHESTER — Shenandoah University revealed the results of its most recent economic impact study Friday. The study examines and determines the amount of money and jobs indirectly generated or directly created by the university. TischlerBise, a company that specializes in economic consulting, conducted the study.
Mayor Elizabeth Minor, Frederick County Administrator Brenda Garton, university President Tracy Fitzsimmons, Top of Virginia Regional Chamber Executive Director Richard Kennedy and Chairman of the Shenandoah University Board of Trustees Marjorie Lewis were all present to speak about the reveal.
“An economic impact analysis process evaluates the entity’s economic benefit on a defined geographic location, in this case, Shenandoah University’s impact on the Winchester-Frederick County area,” Garton said. “It identifies direct impacts, like the actual number of employees at Shenandoah University as well as the jobs supported by what the university spends. … This type of analysis also gauges spin off or multiplier effects that direct spending has on the local economy.”
The study determined that in 2016, the overall economic impact from the university was an estimated $145,721,692 and supported roughly 1,500 jobs. These numbers compare favorably to the numbers from 2010, the first time the university conducted such a study. In 2010, the economic impact to Frederick County-Winchester was determined to be $90,418, 605, indicating significant growth over those six years.
Also, student and visitor spending generate a total economic benefit of $40.2 million and 393 jobs. Shenandoah University employs 904 faculty and staff, good for 1.7 percent of employment in the Winchester-Frederick County area. The university is the second-largest employer in Winchester.
“It speaks not only to the success of the university, but to the success of the localities and the members of the local community,” Fitzsimmons said. “Shenandoah University prides itself on being a good neighbor to Winchester and Frederick County.”
Lewis noted the appeal for Winchester created by the university.
“This university has contributed enormously to the attractiveness of this community to others,” she said. “Thank you Winchester, Frederick County and the entire Northern Shenandoah Valley region for your commitment to this university and I’m proud to say it has given back.”
Contact staff writer Nathan Budryk at 540-465-5137 ext. 155, or firstname.lastname@example.org