2/10/14: Law school’s annual value to community: $41.7 million
Release Date: 2/10/2014
FEB. 10, 2014 -- The Charleston School of Law pumps almost $42 million a year into the three-county area economy, according to a new economic impact study by a veteran College of Charleston analyst.
“The Charleston School of Law has continued to exert a measurable economic impact on the local economy,” wrote Dr. Frank Hefner, an economics professor at the College of Charleston. “The total impact of school operations and student spending in 2012 is estimated to be $41,673,033. The $41.6 million impact supports 393.6 jobs and generates $15,510,479 in income. State and local taxes collected from the combined spending patterns are estimated to be $1,974,757.”
Among the findings:
Economic impact of operations. The school’s direct spending in 2012 in the local economy was $16,366.917, the study said. That spending causes indirect and induced effects to ripple through the economy so that the total economic impact of operating the school is estimated to be $29,951,341.
Economic impact of student spending. Students directly spend $9,240,000 in the local economy, which has a total impact in the Tri-county area of $11,721,692, the study said.
Jobs. The school’s spending supports 270.6 direct and indirect jobs, the study said. Student spending creates 123 jobs directly and indirectly. Total jobs created: 393.6, the study said.
Labor income. The school’s spending supports $12,019,266 in total labor income directly and from indirect ripple effects. Student spending generates another $3,491,213 in direct and indirect labor income. These numbers are included in the total impacts above.
Not included in the total impact numbers are the thousands of hours that students spend annually providing public service through the school’s pro bono and externship programs. Hefner estimated the community value of that service to be $552,325 in 2012.
View the full report.