Study: Franciscan University adds $81.2M to Ohio Valley economy
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STEUBENVILLE -- Franciscan University of Steubenville contributed an estimated $81.2 million in added income to the Ohio Valley economy and supported 1,146 regional jobs during the 2024-25 fiscal year, according to a new economic impact study by Lightcast.
The study measured the economic activity associated with the university and its students in Jefferson County, Ohio, and Brooke and Hancock counties in West Virginia.
According to the report, the university's economic impact represented about 1.6% of the region's gross regional product. Its operations and related activities supported an estimated one out of every 45 jobs in the three-county region.
The $81.2 million in estimated economic impact included $55.2 million from university operations, $7.6 million from construction spending, $2.2 million from visitor spending, $3.9 million from student spending, $1.6 million attributed to student and employee volunteerism and $10.7 million from alumni working in the regional economy.
Franciscan employed 573 full- and part-time faculty and staff during the fiscal year, with a payroll of $50.9 million. The university also spent $37.3 million on facilities, supplies, professional services and other nonconstruction operations.
Lightcast estimated that university operations generated $55.2 million in added regional income and supported 654 jobs.
The university also brought students and visitors into the region from outside the Ohio Valley. About 90% of Franciscan students came from outside the three-county area during the study year.
Spending by students from outside the region, as well as local students who otherwise might have attended college elsewhere, generated an estimated $3.9 million in added income and supported 64 jobs, according to the study.
Visitors attending commencement, athletic events, conferences and other university activities generated an additional $2.2 million and supported an estimated 49 jobs.
The study does not include all economic activity associated with university-related businesses or developments outside the scope of the analysis.
One example is Franciscan Square, the university's commercial development along University Boulevard. The development includes Scooter's Coffee, Jamba, Auntie Anne's and Cinnabon, with Buffalo Wild Wings GO scheduled to open Sept. 16.
Volunteer Work
Franciscan students and employees reported more than 124,000 hours of volunteer service in the Ohio Valley during the 2024-25 fiscal year.
Lightcast valued that service at an equivalent of about $4 million in earnings and estimated its economic impact at $1.6 million in added regional income, supporting 59 jobs.
Students participated in activities including food pantry operations, meal distribution, after-school programs and visits to residents of care facilities.
The university's Missionary Outreach program and other student-led efforts also provide volunteer services to local nonprofit organizations and residents.
Taxpayer Impact
The study estimated $17.8 million in present-value benefits to Ohio taxpayers, including $16.8 million in additional tax revenue associated with higher student earnings and increased business output and $1 million in public-sector savings.
The report estimated the broader benefits to Ohio society at $233.6 million. Those benefits include increased student and business income, income generated through university activities and estimated savings associated with health care, the justice system and income assistance.
Based on the study's projections, every $1 invested in Franciscan University would generate an estimated $1.70 in cumulative benefits to Ohio society over the working lives of students from the 2024-25 academic year who remain in the state workforce.
Student Return
The study also examined the financial return students receive from their education.
Lightcast estimated that students in the 2024-25 academic year invested a present value of $70.4 million in their education through tuition, other expenses and income they gave up while attending college.
Those students are projected to receive $174 million in increased earnings over their working lives, according to the study.
The report estimates that students receive $2.50 in higher future earnings for every $1 invested in their Franciscan education, representing an average annual rate of return of 10%.
The study also found that the average Franciscan bachelor's degree graduate can expect to earn about $29,200 more per year than an Ohio worker with a high school diploma or equivalent. Over a working lifetime, that difference is estimated at about $1.3 million in additional earnings per graduate.
Lightcast based the study on Franciscan University's 2024-25 academic and financial data, employment and industry information from the U.S. Bureau of Labor Statistics and U.S. Census Bureau, economic modeling and other published research.
The study measures estimated economic effects associated with the university's activities. Its findings are projections and estimates based on the data and methodology used by Lightcast.