Report finds ECU fuels region and state’s economy
A recent economic impact report highlights how East Carolina University’s operations significantly benefit the region and the state.
The report, generated by Drs. Meghan Millea and Vera Tabakova in ECU’s Department of Economics, tallies a total economic impact of $2.3 billion in eastern North Carolina and $2.5 billion statewide during fiscal year 2023.
The report emphasizes several key components of ECU’s impact:
- University operations alone accounted for $1.5 billion, over half of the total impact. Campus operations include salaries, scholarships and the expenses of supplies and utilities.
- Student spending on housing, dining and other purchases totaled $531 million, helping support area businesses and services.
- The university’s investments in research initiatives foster innovation and attract partnerships with industries. In 2023, ECU’s research activity reached $85.6 million in grant funding. The costs associated with conducting research at ECU exceeded $125 million.
- Visitors to ECU for sports and arts entertainment, campus visits, orientations, and graduation ceremonies spent $111 million in the region.
- Alumni entering the workforce in North Carolina contribute to ECU’s impact through their degrees and increased salaries. In-state alumni generated dividends exceeding $100 million for the state.
- ECU spent $18.9 million in capital projects, which included buildings, machinery and equipment, general infrastructure, computer software, leased services, and other nonrecurring expenditures.
“ECU is an important economic engine in our community, our region and our state,” said Chancellor Philip Rogers. “This report highlights the magnitude of the university’s impact, whether it’s through our own operations, the research funding our faculty members bring in, or the spending of our students, visitors and alumni. We remain committed to maximizing quality of life for the people we serve by training the workforce of tomorrow and by applying our expertise to address the pressing challenges of today.”
ECU and its related economy activity increased the region’s personal income by $963.2 million in the fiscal year, according to the report, showcasing the university’s vital role in enhancing the region’s financial landscape.
“This report underscores how ECU drives economic growth to improve quality of life in the region and state,” said Dr. Sharon Paynter, ECU’s chief innovation and engagement officer. “The knowledge and skill development students achieve at ECU translates into higher income as they graduate and move into the workforce. So, ECU is making a difference from the perspective of short-term immediate impact as well as longer term sustained economic prosperity across communities in North Carolina.”
ECU’s full economic impact report is available online.