Elon University generates $695 million in annual economic impact, sustaining more than 7,400 jobs while producing $34.6 million in tax revenue in the state of North Carolina. Those are among the findings of an economic impact study conducted by Tripp Umbach, an industry-leading consulting firm specializing in economic impact analysis for healthcare organizations, universities and academic medical centers, and released in September 2021.
The study analyzed Elon operations for fiscal year 2020 (June 1, 2019 through May 31, 2020), along with expanded data that measured the university’s activities in summer and fall 2020 related to the pandemic. The researchers called Elon “a driving force in the economic success of the local community,” and said, “the breadth and depth of services at Elon have a far reach that impacts not only citizens of Alamance County and Guilford County, but also across North Carolina and the globe.”
The last Elon economic impact study was conducted in 2004, finding the university’s total impact was $243 million. “This new study quantifies Elon’s substantial growth and contributions to our regional economy during the past 16 years,” said President Connie Ledoux Book. “Tripp Umbach has used a highly respected and conservative model to provide an accurate picture of the important role Elon plays in the economy and the quality of life in Alamance and Guilford counties and across the state. This study is a testament to the hard work of the Elon community and the strong regional partnerships we have built in developing a nationally renowned university.”