University Pumps $426M into Local Economy

The William G. Lassiter Student Center, 900 S. Olive Ave., is a hub of activity.The University contributed $426 million to Palm Beach County’s economy in the most recent academic year — a 5.7 percent increase over the previous year, according to PBA’s Office of Institutional Research and Effectiveness.

The University’s economic impact in 2018 was $403 million, according to the report.

“PBA students and alumni have a significant impact in the community through their learning, leadership and service,” said President William M. B. Fleming, Jr. “Employers and community leaders recognize them for their integrity and committed service through programs such as Workship.”

Students account for $55.8 million through housing, meals, transportation and miscellaneous expenses. Additionally, they contributed 138,172 hours to churches and nonprofit agencies through Workship, the University’s signature community service program. The program’s annual economic impact is estimated at about $2.1 million.

PBA spends 98 percent of its annual budget, to the tune of $71.7 million, in the Palm Beach County area. That does not include employee salaries. Because most faculty and staff spend much of their salaries locally, the economic impact of salaries is another $34.7 million.

PBA is along the Intracoastal Waterway, within steps of Downtown West Palm Beach and across from Palm Beach island. Palm Beach County boasts 29 beach parks and 47 miles of Atlantic coastline.

The University attracted 40,291 visitors, including prospective students and their families, athletes and spectators, business executives and educators attending association events and performing arts patrons. Food and accommodations represent a $6.3 million impact.

An indirect multiplier of 2.5 was used to arrive at the total economic impact.

Photo: The William G. Lassiter Student Center, 900 S. Olive Ave., is a hub of activity.