New study finds C-N and fellow CCCU schools responsible for more than $60 billion in economic impact annually
(Washington, D.C.) A groundbreaking new study from Philadelphia-based consulting firm Econsult Solutions, Inc. analyzes the significant economic impact of Christian higher education in the United States. Commissioned by the Council for Christian Colleges & Universities (CCCU), of which Carson-Newman University is a member, the study calculates the impact on the national economy of its 142 Christian colleges and universities across the country, These schools collectively educate 445,000 students, employ 72,000 faculty and staff, and serve 3.5 million alumni around the world. The study finds that through their operations, capital investments and additional alumni earning power, these institutions generate more than $60 billion in economic impact each year (equivalent to $166 million generated per day for the U.S. economy).
Dr. Paul Percy, Carson-Newman executive vice president and provost says the report speaks to the important role that Christian higher education plays in America. "Like our sister institutions in Christian higher-ed, we take our mission to heart," said Percy. "At Carson-Newman we believe that preparing our students to be servant-leaders, regardless of what career they pursue, empowers them to be world-changers. That benefits everyone. This study reflects that."
At a time when higher education is under heavy scrutiny for its value proposition, the study’s findings are particularly pertinent—not only do Christian institutions profoundly affect the lives of students through their shared commitment to advancing faith and intellect for the common good, they also benefit the national economy and deliver a significant return on investment to the federal government.
“Christian colleges and universities provide a unique and valuable place for students to discern their vocation through the study of their chosen discipline,” says CCCU President Shirley V. Hoogstra. “They also develop a deeper relationship with God, with their peers and professors, and with their surrounding communities. Our rigorous academics and educational missions shape students who act for the public good—often at a cost to themselves—out of a love for Jesus Christ and for the world around them. The results from this report are powerful and illuminate a bright future for Christian higher education.”
“This report helps us understand the role of Christian colleges and universities, not only for faith-based scholarship and personal spiritual formation but also as a major economic engine in the U.S., supporting local jobs and generating federal tax revenues,” adds Lee Huang, Senior Vice President & Principal of Econsult Solutions, Inc. “Christian higher education’s value proposition to its participants, as well as to community and society, is very strong. Our nation and our communities need more of what these institutions do, which is act as anchors of economic activity, serve and engage with their immediate neighbors, and add intelligent and service-oriented graduates to tomorrow’s workforce.”
Key Findings from Report:
• CCCU institutions are responsible for more than $60 billion in economic impact each year.
• For every $1 in federal grant money a student receives, CCCU institutions provide $5 in aid to that student through grants and scholarships.
• The student loan default rate for graduates from CCCU institutions (6.3%) is nearly half the national average (11.5%).
• Even though they are tax exempt, CCCU institutions still generate $9.7 billion in federal tax revenue each year. For every $1 in federal grant money a student receives, CCCU institutions generate more than $20 in federal tax revenue.
• 1 in 3 CCCU students are first-generation college students.
• 50% of CCCU students come from families that make less than $50,000 per year.
• While approximately one in four college students across the country volunteer, more than one in three CCCU students participate in community service while enrolled. CCCU students perform an estimated 5.4 million community service hours per year.
This report was generously sponsored by America’s Christian Credit Union with support from Fieldstead and Company.
For additional information and to access the full report, visit cccu.org/economic-impact/.
The Council for Christian Colleges & Universities is a higher education association of more than 180 Christian institutions around the world. With campuses across the globe, including more than 150 in the U.S. and Canada and nearly 30 more from an additional 18 countries, CCCU institutions are accredited, comprehensive colleges and universities whose missions are Christ-centered and rooted in the historic Christian faith. Most also have curricula rooted in the arts and sciences. The CCCU’s mission is to advance the cause of Christ-centered higher education and to help our institutions transform lives by faithfully relating scholarship and service to biblical truth.
Econsult Solutions, Inc. is a Philadelphia-based economic consulting firm that provides businesses and public policy makers with economic consulting services in urban economics, real estate economics, transportation, public infrastructure, development, public policy and finance, community and neighborhood development, planning, as well as expert witness services for litigation support. Its principals are nationally recognized experts in urban development, real estate, government and public policy, planning, transportation, non-profit management, business strategy and administration, as well as litigation and commercial damages. Staff members have outstanding professional and academic credentials, including active positions at the university level, wide experience at the highest levels of the public policy process and extensive consulting experience.
Carson-Newman is a Christian liberal arts university located in Jefferson City, Tennessee, among the foothills of the Great Smoky Mountains. Founded in 1851, the University has over 2,500 students and offers 50 undergraduate majors, as well as associate's, bachelor's, master's and doctorate degrees.