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January 9, 1997

UPB responsible for 2 percent of McKean County's business

Pitt's Bradford campus (UPB) is responsible for nearly 2 percent of the total business volume of McKean County, according to an economic impact study conducted by a research team headed by UPB assistant professor of economics Shaliendra Gajanan.

From July 1, 1994, through June 30, 1995, according to the study, UPB, its employees, students and visitors contributed almost $10.8 million to the local economy. That figure includes $2.4 million spent by the campus, $6 million by employees and $2 million by students.

Gajanan's study found that for every $1 million UPB spent on goods and services, 21 jobs were created through direct and indirect employment.

A further breakdown of the totals reveals that 112 jobs were created by the $5.1 million in induced expenditures related to the campus community's direct expenditures; 82 jobs in construction related to the $3 million UPB spent on physical plant improvements, and 58 jobs in local public schools, stemming from the 110 students sent to schools by UPB constituents.

Altogether, UPB supported 696 jobs, generating about $18.4 million in personal income in McKean County in fiscal 1995.

The study also found that for every dollar spent by the campus and its constituencies, another 48 cents was generated in subsequent spending.

Other facts uncovered by the study show: * The average daily balance on deposits in local banks in college-related savings and checking accounts resulted in a net expansion of the McKean County credit base by $3.6 million.

* Local government collected more than $1.6 million in revenues during fiscal 1995 that was attributable to UPB's presence.

Working with Gajanan on the study were students Bryan Beatty, Christine Bussard, Lori Johnson, Colleen Ross, Julie Smith and Norm Swartz.

Filed under: Feature,Volume 29 Issue 9

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