According to a recent study, PC has a $35 million economic impact on Laurens county and is responsible for 480 jobs every year. The study takes into account money generated from faculty, staff, and student spending, as well as college expenditures.

PC alum Megan Kocis, now a financial analyst with Markel Valuation in Greenville, completed the research this past spring.

To compile the numbers, Kocis sent a survey to all PC faculty, staff, and students asking about their spending habits. The survey considered factors such as money spent on food, recreation, and health services, among many more. Faculty and staff, in addition, were asked about factors such as mortgages and insurance. The surveys also asked all parties about visitors and their spending habits while here.

Of course, not everyone completed the survey. To compensate for the discrepancy, Kocis took a mean of the responses of the completed surveys. The figures were then tallied to get a representation of the 812 students, 84 faculty members, and 223 staff members in Laurens county year-round. The results were staggering.

In all, totals from PC faculty, staff, students, and their visitors amounted to $18,244,715. Again, this is money generated from the places PC’uns eat, shop, pay their mortgages, and spend money elsewhere in Laurens county. Further, the study determined that the result of the spending accounts for 240 jobs.

The study also took into account college expenditures, which includes operating expenses and construction. In 2006, PC’s total college expenses were $16,696,921. Operating expenses included money PC spent on food ($2,326,807), utilities ($1,837,513), and printing ($393,404), among others. Total operating expenses were $12,292,250. Faculty salaries were not included since it could not be assumed that faculty spends their entire salary in Laurens county. 

The college’s construction expenses for the year were $4,404,671. The money PC spent on college expenses is responsible for 240 more jobs in the county.

"Presbyterian College is one of the most dynamic and productive businesses in Clinton," Clinton mayor Randy Randall said. "Its influence is far-reaching in the community and is recognized by city government and economic development officials."

It is important to note that the 480 total jobs PC is responsible for does not include any of PC’s faculty or staff. The 480 jobs are a result of the money spent by PC’ uns and the money it takes for the college to operate.

It is also important to note that, although PC’s impact of bringing $35 million and 480 jobs to the county is substantial, the figure is quite conservative.  Although comprehensive, the study didn’t account for several factors. For example, the study didn’t take into account money generated from any athletic events, which is substantial in its own right, especially with PC’s move to Division 1 athletics. It also didn’t take into account the lectures, concerts, exhibits, and other events PC provides to the community at no charge. Finally, the study didn’t take into account the community service hours that students perform voluntarily.

All the same, the study did confirm that, although PC is known for enriching the community culturally, the college enriches the community economically as well.

posted by sadyer@presby.edu