Franklin Pierce University Releases Economic Impact Report
Mar 27, 2024
Franklin Pierce University contributed over $101 million to New Hampshire’s economy in 2022, according to an economic contribution analysis released today by the university. The study further concludes that the economic activity of Franklin Pierce University supported or sustained 951 jobs across the Granite State.
“This impact report illustrates the vital role Franklin Pierce University plays in both the regional and state economies,” said President Kim Mooney ’83. “As Franklin Pierce looks toward the future it is evident that the University has built a strong foundation for economic sustainability and longevity.”
The study was commissioned by Franklin Pierce University and was conducted by Parker Philips, a nationally recognized consulting firm specializing in higher education economic impact analysis.
“An economic contribution analysis is an objective way to measure the significance of an organization in the regional economy; it is a tool that policy makers can use to inform their decisions,” said Nichole Parker, principal partner at Parker Philips. “Franklin Pierce and their alumni clearly make a major contribution to their local, state, and regional economies economically and societally.”
The release of the report comes on the heels of the announcement last September by President Mooney that she will retire at the end of the current academic year. Over her eight-year tenure, Dr. Mooney has positioned Franklin Pierce for long-term sustainability through clear strategic objectives and the tripling of the University’s endowment. Fostering a culture of planning, she established an ongoing strategic planning process and the Long-Range Planning and Effectiveness Council with broad representation from across the University to examine and address institutional opportunities and challenges. Promoting the University’s importance as an economic driver and strategic partner, President Mooney’s efforts have increased the University’s visibility, strengthened its reputation, and provided the institution with the resources needed to make ongoing investments in it centers and programs.
“The findings of the economic impact study affirm the hard work taken on by Franklin Pierce to be a higher education institution that forges strong community partnerships,” noted Steve Duprey, Chair of the University’s Board of Trustees. “With a focus on long-term sustainability and student success, we are well positioned to move into the next era of Franklin Pierce.”
In the analysis, the study considered the direct spending on operations, pay, benefits, and capital projects by Franklin Pierce University and the estimated increase in demand for goods and services in industry sectors that supply or support the university. The study also measured the effect of student spending, visitor spending, and the induced effect of increased household income. Analysis of the economic impact of alumni living and working in New Hampshire demonstrates the importance of training and retaining a skilled workforce. Statewide, Franklin Pierce University operations plus the spending of its faculty, staff, and students, had a total statewide economic contribution of $101 million. This activity generated an estimated 951 jobs across the state, especially in the communities where the University has Academic Centers – Rindge, Manchester, and Lebanon.
Among the findings in the study:
- The $101 million total economic impact of Franklin Pierce University in 2022 included $79.8 million in operational and capital spending and $21.2 million in impact was generated from student and visitor spending in 2022.
- The $79.8 million in operations impact includes $46.8 million direct and $33 million indirect and induced spending. This impact is the result of operational spending, capital spending (5-year average), payroll and benefits paid to employees, student spending, and visitor spending.
- In addition to the significant impact of campus operations, the report also found that the income being added into the economy as a result of graduates obtaining post-secondary education is significant. In 2022, the total number of Franklin Pierce University alumni living and working in the state is more than 1,653. They generate an economic impact of $165.7 million annually.
- The operations of Franklin Pierce University support or sustain a total of 951 jobs.
- Through its local spending and the jobs it supports or sustains, Franklin Pierce University generates nearly $5 million in state and local taxes.
- The employees of Franklin Pierce University give $360,969 annually in charitable donations and volunteer for an estimated 38,819 hours, valued at $1.2 million. In 2022, the combined impact of charitable giving and volunteerism totaled an estimated $1.5 million.
The full report is available here.
