Newman adds $126 million annually to local economy
Newman is making a $125.9 million annual economic impact on the Greater Wichita Area, according to a study commissioned by the Kansas Independent Colleges Association (KICA).
The KICA, a group of 18 Kansas independent, degree-granting colleges and universities, commissioned a study to find the collective and individual estimated impact on the Kansas economy by KICA member colleges. Using data from Fiscal Year 2012-13, the study determined total economic benefits by examining income generated by university operations (payroll and day-to-day expenses), student spending (off-campus spending on groceries, rent, transportation, etc.), visitor spending (hotels, restaurants, gas), and student productivity (added income from gaining higher skills and knowledge).
The study also noted that Newman’s contribution of nearly $126 million is the equivalent of 2,616 jobs,* and that Newman provides added benefits to students and society through the related factors of reduced crime, lower unemployment, and increased tax revenue.
Together, the 18 KICA colleges generate $981 million to the Kansas economy. Newman’s share of that is about 13 percent.
*Job equivalents are a measure of the average-wage jobs a given amount of income can potentially support.