Flagler College Press Release: Flagler College releases economic impact study

Flagler College releases economic impact study
June 06, 2008

St. Augustine, Fla -- Study finds college contributed $166 million to Greater Jacksonville community during 2006-2007

Flagler College may be best known for its visual impact on the Northeast Florida landscape – about 35,000 visitors take paid tours of Flagler’s beautifully restored main building and National Historic Landmark, the Hotel Ponce de Leon, each year – but few people realize the college’s significant economic impact. A new study finds that, during the 2006-2007 fiscal year alone, Flagler College contributed $166 million to the Greater Jacksonville community.

The economic impact study was produced by EconImpact LLC of Louisville, Ky., one of the leading providers of economic impact studies for private colleges. The purpose of the report was to detail the ways in which Flagler College contributes both directly and indirectly to the local economy.

“The college offers education for area residents whose lifestyles and earning capacities are measurably enhanced by its programs,” said Kevin Stokes, who wrote the final study. “The college’s presence also generates many economic opportunities for local government and businesses. These economic advantages, coupled with the additional cultural benefits the college offers, attest to the significant contribution of Flagler College to St. Augustine and Greater Jacksonville.”

The following are some of the report’s highlights:


* During the 2006-2007 fiscal year, Flagler College contributed $166 million to the Greater Jacksonville area, including St. Johns, Duval, Flagler, Baker, Clay and Nassau counties. The college, along with its employees, students and visitors, were responsible for $138 million; alumni contributed $17 million in increased earnings and $7 million in social benefits due to positive lifestyle choices. Flagler made net contributions of $3 million to the treasuries of the St. Augustine and St. Johns County governments.
* Flagler College contributed $30 million to the St. Augustine economy in 2006. One of every $20 spent in the city was a result of the college’s presence.
* In 2006, the City of St. Augustine Treasury gained a net benefit of $420,000 from the presence of Flagler College. Flagler produced 5.1 percent of the city’s revenues, yet only accounted for 3.3 percent of the city’s expenditures.
* Flagler College was responsible for $48 million of St. Johns County’s $6.2 billion economic activity in 2006.
* In 2006, there were 2,252 full-time students attending Flagler College, and 746 Flagler alumni living and spending in St. Johns County.
* The college and its subcontractors employed 276 full-time people and were responsible for creating 1,018 other new jobs in Greater Jacksonville in 2006.
* Flagler College has invested $36.6 million on construction, remodeling and landscaping since 1996.


The full economic impact study can be downloaded at http://www.flagler.edu/documents/2007_Flagler_College_econimpact.pdf.

The visual impact of Flagler College’s historic Hotel Ponce de Leon still played a role in the study; Glenn Hastings, executive director of the St. Augustine, Ponte Vedra & the Beaches Visitors and Convention Bureau, said between 160,000 and 200,000 fewer tourists would visit the city each year if the college was not present.

“[The Ponce] is a visual that most people associate with St. Augustine,” Hastings said. “When you come off the Bridge of Lions, it stirs up some excitement. You see the tower from the cathedral, the tower from the old bank building and the towers of the hotel.”