A Leading Business Enterprise
A Leading Business Enterprise...
Kent State’s broad business operations have a widespread economic impact, from the flagship Kent Campus to the university’s seven other campuses throughout the region.
Job Growth, Regional Asset
Kent State is Northeast Ohio’s 15th largest employer.
- It is the largest employer among all colleges and universities in the region.*
- In 2009, the university employed the full-time equivalent of 5,001 faculty and staff.
- The Northeast Ohio economy receives roughly $294 million in added income each year due in large part to the spending of Kent State employees who live in the region and purchase from local businesses that, in turn, buy more supplies, goods and services and create new jobs.
- Kent State paid payroll related taxes of nearly $34 million — $10.3 million in state and local taxes and $23.6 million in federal taxes.
* As ranked by Crain's Cleveland Business.
University Spending Helps State and Local Economy
- The Northeast Ohio economy receives roughly $292.4 million in added regional income each year due to the payroll of Kent State faculty and staff as well as the university's spending for supplies and services.
- Kent State students who come to Northeast Ohio from outside the region spend money for room and board, transportation and other personal expenses. The off-campus expenditures of Kent State's out-of-region students generate approximately $45.3 million in added income to the Northeast Ohio economy each year.
- The spending of Kent State's nonlocal visitors for lodging, food and other personal expenses also creates an estimated $19.2 million in added income each year.
- Thousands of Kent State alumni live and work in the Northeast Ohio region. It is estimated that the accumulated contribution of Kent State alumni amounts to approximately $1.6 billion in added income each year. This represents the sum of higher earnings to Kent State alumni, the increased output of businesses and the associated ripple effects as individuals and businesses spend more money in the region.
- All together, the average annual added income of Kent State and its alumni equals $1.9 billion. This is the approximate equivalent of 1.5 percent of the Northeast Ohio economy.
University Spending Helps Regional Firms
Kent State operations expenditures in fiscal year 2007-08 totaled $185.6 million, much of which was spent with businesses based in Northeast Ohio. The university does business with firms large and small across the 12 counties served by the institution. One major expenditure category is construction. In 2008, the university spent $38 million on construction, generating or retaining more than 380 jobs. Recent projects include:
Construction on the Kent Campus:
- An $11 million renovation was made to Ritchie Hall — the home to the Department of Pan-African Studies — and $6 million in new construction for the Roe Green Center for the School of Theatre and Dance.
Construction on Regional Campuses:
- Kent State University at Ashtabula completed the $15 million Robert S. Morrison Health and Science Building.
- At Kent State University at Tuscarawas, the newly constructed Science and Advanced Technology Center added 50,000 square feet of laboratory and classroom space for nursing and workforce development.
Support of Diverse Suppliers:
- Kent State has an active Supplier Diversity Program. In fiscal year 2008-09, Kent State purchased $9.8 million with a diverse group of minority, women, and economically and socially disadvantaged firms.