2009 – 2010 ECONOMIC IMPACT REPORT Making a Difference Loyola University New Orleans positively impacts the Greater New Orleans area in a number of obvious ways: it has provided outstanding Jesuit education for nearly 100 years; it has launched a vast array of high-profile community service and social justice projects; it provides the community innumerable cultural and fine arts venues and programs; its faculty research projects contribute to a variety of academic disciplines, especially in the study of the environment; its seminars, workshops, and continuing professional education provide excellent educational and training opportunities for the community at large; and its continuing national recognition for excellence in higher education enhances the stature of the city of New Orleans in the nation’s eye. What might not be as obvious is the role Loyola University plays as a major business enterprise, with significant impact on the Greater New Orleans and Louisiana economies. It purchases goods and contracts services from a substantial assortment of local companies, and provides salaries to its personnel for investment in the community. It also contributes in less direct—but no less consequential—ways, by increasing the earnings of its graduates, imparting valuable skills upon the local workforce, attracting new businesses, and increasing property values. While not measurable, local businesses also benefit from resident students’ expenditures in housing, utilities, consumer goods, entertainment, and taxes. While some aspects of Loyola’s economic impact are not quantifiable, many of them are. This Economic Impact Report presents the 2009 – 2010 quantifiable impacts of Loyola on its community.
A SIGNIFICANT IMPACT During 2009 – 2010, Loyola’s economic impact amounted to $128.9 million, the majority of which went directly into the Greater New Orleans and Louisiana economies. Loyola’s $28.5 million in direct expenditures included utilities, insurance, debt service, and miscellaneous expenses, along with its $54.4 million payroll and its $15.2 million allotted to employees via fringe benefits. Loyola also received a $35 million bond from the Louisiana State Bond Commission for construction and renovation projects, directly impacting local architects, contractors, material suppliers, and laborers. It is estimated more than 140 jobs are being created to staff the state-bond-funded construction projects.
Information has been provided by the College of Business and the Loyola University New Orleans Carnegie Committee
www.loyno.edu 6363 St. Charles Avenue New Orleans, LA 70118
LOYOLA UNIVERSITY NEW ORLEANS 2009 – 2010 ECONOMIC IMPACT REPORT
A MAJOR EMPLOYER
$128.9 MILLION
In a community of limited heavy industry and abundant small businesses, Loyola is a major employer.
LOYOLA UNIVERSITY NEW ORLEANS TOTAL ECONOMIC IMPACT
$127.2 million
Loyola employs 731 full-time faculty, staff, and administrators, along with 243 part-time or adjunct faculty and staff. Of Loyola’s $54.4 million payroll, Loyola employees retained an estimated $39.8 million in disposable income (after estimated tax and savings adjustments), much of which they presumably spend in the Greater New Orleans area.
$28.5 million
University employees’ $15.2 million in fringe benefits supports local health care, insurance, retirement, and other benefits providers in the state. The laborintensive nature of the higher-education industry makes Loyola more economically consequential than other businesses whose expenses include fewer employees and more materials brought in from other regions.
A MAGNET FOR TALENT Loyola attracts talented individuals from around the world to live and work in New Orleans. The majority of the 1,074 employment positions at Loyola during 2009 – 2010 required highly skilled personnel with specialized training and expertise. Many Loyola employees are from outside of the state, or outside of the country, and likely would not be working in New Orleans if not for Loyola. Many students who graduate from Loyola remain as alumni to live and work as productive community citizens, consistently adding well-trained and highly paid citizens to the city.
A COMMUNITY COMMITMENT
1,074
A PLAN FOR THE FUTURE
Budgeted Operating Expenses
$3.9 million
Utilities
$3 million
Insurance premiums
$2.1 million
Debt service
$19.6 million
Miscellaneous expenses
$39.8 million
Employee consumption spending
$35 million
State bond-financed construction
$15.2 million
Fringe benefit expenses paid out
$4.8 million
Debt serviced from endowment
$3.9 million
Expensed capital costs
$1.73 million
Loyola’s community service engagement and social justice programs provide substantial value through direct expenditures, volunteer manpower, and skills training. U.S. News and World Report recently included Loyola among the 29 schools in the nation recognized for service learning programs. In 2009 – 2010, Loyola spent $8.45 million on community engagement—65 percent came from the annual operating budget, and 35 percent from grants and donations. This funding supported academic centers dedicated to social justice issues, faculty scholarship of community engagement, student engagement activities, legal clinics for low-income populations, and institutes to improve community capacity. Classes across Loyola’s curriculum required students to volunteer hours for local companies and organizations, increasing the value for those and the clients they serve.
Direct and Indirect Spending
(Office equipment, travel, food, community engagement, etc.)
(Health care, disability or life insurance, retirement plans, etc.)
(Plant, property, and equipment purchase and maintenance costs)
Total state income tax revenue
$1.47 million
Income tax generated by payroll
$.26 million
Tax generated by temporary labor
Total Number of Directly Employed Personnel 308
Full-time faculty
423
Full-time administrators and staff
343
Adjunct or part-time faculty and staff
Loyola’s plans include a variety of projects that will further engage it with local economies. The $35 million bond Loyola received from the Louisiana State Bond Commission for renovation and expansion of facilities, classrooms, and parking on the main and Broadway campuses will provide an estimated additional 140 jobs on top of normal university operations. The projects funded by this bond are but a small part of Loyola’s bold vision, which includes a technologically robust and environmentally sustainable residential campus, and new distinctive academic and community programs, all of which will further engage Loyola in the economies of New Orleans and the surrounding region.
4,910
Undergraduate, Graduate, and Professional Students* 2,798 Undergraduate students 2,112 Graduate and professional students * Total number of Loyola students, the majority of whom indirectly impacted the New Orleans economy through personal expenditures in housing, utilities, food and beverage, gasoline, retail, entertainment, and taxes.
LOYOLA UNIVERSITY NEW ORLEANS 2009 – 2010 ECONOMIC IMPACT REPORT
A MAJOR EMPLOYER
$128.9 MILLION
In a community of limited heavy industry and abundant small businesses, Loyola is a major employer.
LOYOLA UNIVERSITY NEW ORLEANS TOTAL ECONOMIC IMPACT
$127.2 million
Loyola employs 731 full-time faculty, staff, and administrators, along with 243 part-time or adjunct faculty and staff. Of Loyola’s $54.4 million payroll, Loyola employees retained an estimated $39.8 million in disposable income (after estimated tax and savings adjustments), much of which they presumably spend in the Greater New Orleans area.
$28.5 million
University employees’ $15.2 million in fringe benefits supports local health care, insurance, retirement, and other benefits providers in the state. The laborintensive nature of the higher-education industry makes Loyola more economically consequential than other businesses whose expenses include fewer employees and more materials brought in from other regions.
A MAGNET FOR TALENT Loyola attracts talented individuals from around the world to live and work in New Orleans. The majority of the 1,074 employment positions at Loyola during 2009 – 2010 required highly skilled personnel with specialized training and expertise. Many Loyola employees are from outside of the state, or outside of the country, and likely would not be working in New Orleans if not for Loyola. Many students who graduate from Loyola remain as alumni to live and work as productive community citizens, consistently adding well-trained and highly paid citizens to the city.
A COMMUNITY COMMITMENT
1,074
A PLAN FOR THE FUTURE
Budgeted Operating Expenses
$3.9 million
Utilities
$3 million
Insurance premiums
$2.1 million
Debt service
$19.6 million
Miscellaneous expenses
$39.8 million
Employee consumption spending
$35 million
State bond-financed construction
$15.2 million
Fringe benefit expenses paid out
$4.8 million
Debt serviced from endowment
$3.9 million
Expensed capital costs
$1.73 million
Loyola’s community service engagement and social justice programs provide substantial value through direct expenditures, volunteer manpower, and skills training. U.S. News and World Report recently included Loyola among the 29 schools in the nation recognized for service learning programs. In 2009 – 2010, Loyola spent $8.45 million on community engagement—65 percent came from the annual operating budget, and 35 percent from grants and donations. This funding supported academic centers dedicated to social justice issues, faculty scholarship of community engagement, student engagement activities, legal clinics for low-income populations, and institutes to improve community capacity. Classes across Loyola’s curriculum required students to volunteer hours for local companies and organizations, increasing the value for those and the clients they serve.
Direct and Indirect Spending
(Office equipment, travel, food, community engagement, etc.)
(Health care, disability or life insurance, retirement plans, etc.)
(Plant, property, and equipment purchase and maintenance costs)
Total state income tax revenue
$1.47 million
Income tax generated by payroll
$.26 million
Tax generated by temporary labor
Total Number of Directly Employed Personnel 308
Full-time faculty
423
Full-time administrators and staff
343
Adjunct or part-time faculty and staff
Loyola’s plans include a variety of projects that will further engage it with local economies. The $35 million bond Loyola received from the Louisiana State Bond Commission for renovation and expansion of facilities, classrooms, and parking on the main and Broadway campuses will provide an estimated additional 140 jobs on top of normal university operations. The projects funded by this bond are but a small part of Loyola’s bold vision, which includes a technologically robust and environmentally sustainable residential campus, and new distinctive academic and community programs, all of which will further engage Loyola in the economies of New Orleans and the surrounding region.
4,910
Undergraduate, Graduate, and Professional Students* 2,798 Undergraduate students 2,112 Graduate and professional students * Total number of Loyola students, the majority of whom indirectly impacted the New Orleans economy through personal expenditures in housing, utilities, food and beverage, gasoline, retail, entertainment, and taxes.
2009 – 2010 ECONOMIC IMPACT REPORT Making a Difference Loyola University New Orleans positively impacts the Greater New Orleans area in a number of obvious ways: it has provided outstanding Jesuit education for nearly 100 years; it has launched a vast array of high-profile community service and social justice projects; it provides the community innumerable cultural and fine arts venues and programs; its faculty research projects contribute to a variety of academic disciplines, especially in the study of the environment; its seminars, workshops, and continuing professional education provide excellent educational and training opportunities for the community at large; and its continuing national recognition for excellence in higher education enhances the stature of the city of New Orleans in the nation’s eye. What might not be as obvious is the role Loyola University plays as a major business enterprise, with significant impact on the Greater New Orleans and Louisiana economies. It purchases goods and contracts services from a substantial assortment of local companies, and provides salaries to its personnel for investment in the community. It also contributes in less direct—but no less consequential—ways, by increasing the earnings of its graduates, imparting valuable skills upon the local workforce, attracting new businesses, and increasing property values. While not measurable, local businesses also benefit from resident students’ expenditures in housing, utilities, consumer goods, entertainment, and taxes. While some aspects of Loyola’s economic impact are not quantifiable, many of them are. This Economic Impact Report presents the 2009 – 2010 quantifiable impacts of Loyola on its community.
A SIGNIFICANT IMPACT During 2009 – 2010, Loyola’s economic impact amounted to $128.9 million, the majority of which went directly into the Greater New Orleans and Louisiana economies. Loyola’s $28.5 million in direct expenditures included utilities, insurance, debt service, and miscellaneous expenses, along with its $54.4 million payroll and its $15.2 million allotted to employees via fringe benefits. Loyola also received a $35 million bond from the Louisiana State Bond Commission for construction and renovation projects, directly impacting local architects, contractors, material suppliers, and laborers. It is estimated more than 140 jobs are being created to staff the state-bond-funded construction projects.
Information has been provided by the College of Business and the Loyola University New Orleans Carnegie Committee
www.loyno.edu 6363 St. Charles Avenue New Orleans, LA 70118