With jobs and economic recovery now at the forefront of many people’s minds, Palm Beach Atlantic University projects an impact of $309,713,880 on Palm Beach County’s economy this academic year, according to the University’s Office of Institutional Research and Effectiveness.
That is compared to $285,075,463 in 2010. "Palm Beach Atlantic continues to contribute to the economic growth of Palm Beach County both as an employer and consumer, even in challenging economic times," Interim President William M.B. Fleming Jr. said. "Additionally, we are helping to build a well-trained workforce through our graduates."
The University spends 98 percent of its annual budget in the Palm Beach County area to the tune of $48,463,078, not including employee salaries. As most of the faculty and staff spend the larger part of their salaries locally and their households contain other wage-earners, the economic impact of faculty and staff salaries is an additional $27,344,822. Students account for $41,867,032 through housing, meals, transportation and miscellaneous expenses and purchases.
The University attracts 36,978 visitors annually through visits of prospective students and their families, athletes and overnight spectators, business and educational association meetings held on campus and audience members for music, dance and theatre productions. Food and accommodations represent an impact of $6,210,620.
An indirect multiplier of 2.5 was used to arrive at the total.
In addition, PBA students contributed 110,719 service hours to churches and nonprofit agencies across Palm Beach County during the 2010-2011 academic year through Workship, the University’s signature community service program. Since 1968, the year the University was founded, PBA students have logged 2,446,003 service hours.