Economic Contributions of DePauw University to Putnam County Explored

DePauw University’s Economic Impact on Putnam County

DePauw University has recently published a groundbreaking economic impact study that showcases its substantial contributions to Putnam County. The study reports that during the fiscal year 2023-24, the university generated an impressive economic impact of $69.5 million, reinforcing its role as a crucial economic driver in the region.

This figure is not just a number; it represents 5.4% of the total economic output for Putnam County. The analysis indicates that 1 out of every 17 jobs in the county can be attributed to the university's operations, underscoring the vital connection between the institution and the local community.

In detail, the university directly employed 572 people, contributing significantly to both employment and economic stability in the region. Additionally, the economic impact of DePauw extends beyond just direct employment. The university also benefited from enhanced economic activity generated by students, visitors, and alumni, providing:

- $2.0 million from student spending,
- $1.9 million from visitors,
- $4.3 million through alumni activities.

When combined, these figures result in a total economic impact of $78.5 million, supporting a remarkable 1,009 jobs overall in Putnam County. DePauw University's President, Dr. Lori S. White, emphasized the long-standing relationship between the university and the local community, noting, "Since our founding, DePauw has been deeply woven into the economic and social fabric of Greencastle and Putnam County. Together, we build a more vibrant local economy and a stronger community. Our commitment to supporting local jobs, driving innovation, and creating new opportunities is stronger than ever."

Looking ahead, DePauw is poised to further enhance its economic contributions through its Bold Gold 2027 strategic plan. This ambitious initiative encompasses various capital projects, including the Growing Green and Gold Together initiative and the Seminary Square mixed-use residential/commercial venture. Collectively, these projects will inject over $200 million into the local economy over the next five years, emphasizing the university's commitment to bolstering economic growth in the area.

As part of its efforts to demonstrate its ongoing value, this economic impact report, the first in several years, provides quantifiable metrics that will aid in fortifying advocacy for public funding and grant opportunities, highlighting DePauw's potential to produce multi-faceted economic benefits.

In partnership with Lightcast, the study has positioned itself as a pivotal resource for showcasing how educational institutions can serve as economic anchors. Additionally, this report may facilitate more robust dialogue surrounding the future of educational funding and sustainable development initiatives in the region.

DePauw University, founded in 1837, has a long-established reputation for nurturing leaders through its unique three-school academic framework, comprising the College of Liberal Arts and Sciences, the School of Business and Leadership, and the Creative School. By integrating rigorous academics with experiential learning and vibrant campus life, DePauw continues to play a critical role not only in shaping individual futures but also in enhancing the broader economic landscape.

To delve deeper into the findings of this thorough economic analysis, you can view the summary available at depauw.edu/about/institution. The insights gleaned from this report not only highlight DePauw's significant economic impact but also reaffirm the essential role that educational institutions play in community development and regional sustainability.