GREENSBORO (August 10, 2023) – N.C. A&T State University has an annual economic impact of $2.4 billion in North Carolina, supporting 17,337 jobs, according to a study released today.
The study, based on 2021-22 data, found a 63% increase in N.C. A&T’s impact from a previous study based on 2017-18 data.1
“N.C. A&T SU creates a positive net impact on the state economy and generates a positive return on investment for students, taxpayers, and society,” says the study by Drs. Cephas Naanwaab and Alfredo Romero, both associate professors of economics at A&T’s Willie A. Deese College of Business and Economics.
According to the study, A&T creates a $1.2 billion economic impact in Guilford County, a $1.4 billion impact in the Piedmont Triad region and a $2.4 billion impact across the state.
With 13,487 students, N.C. A&T is the nation’s largest Historically Black College or University (HBCU). A&T graduates the largest number of African-American engineers and among the largest numbers of African-American CPAs.
The university generates economic activity and jobs through:
- Payroll and operations ($744M);
- Research ($157M);
- Construction ($80M);
- Spending by students from out of state or who would have gone out of state to college ($178M); Spending by visitors who come for commencement or the 40,000-60,000 who come for A&T’s massive Homecoming week ($44M);
- But by far, the university’s biggest impact comes from its alumni, 31,000 of whom live in North Carolina and generate a $1.2 billion impact that supports 6,959 jobs.
“While attending N.C. A&T SU, students gain experience, education, and the knowledge, skills, and abilities that increase their productivity and allow them to command a higher wage once they enter the workforce,” the study says.
“But the reward of increased productivity does not stop there. Talented professionals make capital more productive too (e.g., buildings, production facilities, equipment). The employers of N.C. A&T SU alumni enjoy the fruits of this increased productivity in the form of additional non-labor income (i.e., higher profits),” it says.
“With a documented economic footprint across our state now of more than $2.4 billion and thousands of our graduates contributing to the North Carolina job market each year, our university is fulfilling its land-grant mission in profound, diverse ways,” said Chancellor Harold H. Martin Sr.
“The outcomes measured in this significant new study provide compelling evidence that investments in North Carolina A&T provide outstanding returns for the people of the state.”
One of A&T’s goals is to graduate from an R2 research university under the Carnegie Classification system to an R1 research university, which denotes very high research activity.
The study includes projections of the university’s economic impact should it attain R1 status and increase research activity. Those estimates range from $2.43 billion to $3 billion, supporting as many as 22,000 jobs.
Dr. Cephas Naanwaab and Dr. Alfredo Romero are both associate professors of economics in N.C. A&T’s. Romero was recently named a Senior Economist for the U.S. Congress Joint Economic Committee, a standing committee comprised of both Senate and House members. Naanwaab was co-author of a NC Policy Collaboratory research project on the economic impact of COVID-19 in the Piedmont Triad Region.
1 https://www.ncat.edu/news/2023/08/economic-impact-2023.php.
2 https://www.ncat.edu/about/facts/economic-impact.php
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