Did you know that the economic impact of Radford University was $421.7 million in fiscal year 2022? Over 90% of the impact is from the university’s direct expenditures for goods and services, its faculty, staff, students, and visitors, and the indirect and induced impacts of spending in the New River Valley and greater southwest Virginia. Alumni of Radford University tend to stay within the region (50%) and Commonwealth (90%) and continue to support the economic health and well-being of the communities in which they reside. For example, 2,123 individuals graduated with a degree from Radford University in 2022. Over the course of their careers the estimated human capital improvement of those graduates is estimated to bring $1.16 billion in additional income to the Virginia Economy.
The New River Valley Regional Commission was excited to support Radford University with the 2022 Economic Study Update. The study utilized data from the University for the past five years that included operational budgets, detailed revenue and expenditures, capital investments, salary data, enrollment figures, and surveys of faculty, staff, students, and alumni. Utilizing IMPLAN software, an economic data, analytics and modeling tool, inputs were carefully developed specific to the University. You can check out the final study and learn more about the broader impacts of Radford University online here: https://www.radford.edu/content/economic-development/home/economic-impact-study-2022.html
For more information, contact Elijah Sharp, esharp@nrvrc.org.