The University of North Carolina Wilmington has released an economic development impact study that reveals a $3.2 billion impact on the state of North Carolina. The impact underscores UNCW’s role in driving economic growth and enhancing the overall prosperity of the region.
“At UNCW, we are not only dedicated to providing top-tier education, but also to playing a pivotal role in the economic vitality of our region and state,” said Chancellor Aswani K. Volety. “This report, while highlighting our tangible economic contributions, also underscores the broader influence of UNCW. The university's presence attracts new businesses, boosts tax revenues through higher earnings, and enhances the region’s appeal. These combined impacts create a multiplier effect, amplifying UNCW’s role as a key institution within the region.”
The study, “Soaring Higher Together: UNCW and Southeastern North Carolina,” examines the economic impact of the university during the fiscal year 2022. Nearly half of the impact, more than $1.6 billion, was concentrated in the eight counties in the Cape Fear Region—Bladen, Brunswick, Columbus, Duplin, New Hanover, Onslow, Pender and Sampson. It also states that more than 14,580 jobs were supported during that timeframe. In fiscal year 2022, more than 32,000 alumni living in the eight counties earned an estimated $1 billion in additional income from having a bachelor's degree, according to the report.
“The University of North Carolina Wilmington continues to be a catalyst for both educational excellence and economic development in our region,” said Natalie English, Wilmington Chamber of Commerce president and CEO. “The high-quality education that UNCW provides not only prepares our future workforce for success but also attracts new talent and businesses to our area. As the university continues to grow and thrive, its contributions to our economy are felt far beyond the classroom, enhancing the overall vitality of the Cape Fear Region and making it a more attractive place to live and work.”
Other highlights of UNCW’s economic impact on the eight-county region include:
- 2,718 employees, with 83% living in New Hanover County in 2023
- $222.1 million payroll in 2022
- 32,000 alumni in the eight-county region, with a $657 million impact of alumni spending on the regional economy
- $84.4 million additional spending in the region by students
- 40 cents generated in the regional economy for every $1 spent by UNCW students
- $672.4 million operational and capital spending impacts
- 73 cents generated in the regional economy for every $1 spent by UNCW
The $3.2 billion statewide impact considered employment, labor income and value added. For the eight-county region impact, researchers looked at operations, student spending, capital spending, athletic events and alumni spending. The report was produced by Mouhcine Guettabi, an associate professor of economics and regional economist with the Swain Center in the Cameron School of Business.
“The analysis we provide focuses on the short-term effects, but a university's impacts exceed the short term as it serves as the main engine to educate the citizenry, provide a qualified workforce, engage in important research questions, and contribute to answering important policy questions,” said Guettabi. “Furthermore, a city like ours, with a thriving university, is not only attractive for firms but also individuals who are considering relocation decisions. This makes UNCW an essential part of the area's quality of life.”
