Colorado Mesa University released results of its economic impact study today. It's good news for our local economy.
CMU infused an estimated 351 million dollars, both directly and indirectly into our regional economy.
CMU president Tim Foster, said the college is not only a wonderful educational institution, but a significant leader for our local economy.
Both the Grand Junction area chamber of commerce and the local economic partnership joined CMU at the press conference this morning.
Both partners agree that CMU plays a major role in our local market, acting as our very own economic stimulus.
One highlight of the results was capital expenditures on construction, maintenance and technology upgrades, those totaled more that 23 million dollars, with almost 80 percent spent locally.
"The majority of the spending by the university, by the employees, by the students through the construction projects have almost all been spent locally, we've been kind of struggling through a harder time, economically, and that local influx is huge to us, so we're thankful to that."
According to the report, direct expenditures by CMU totaled 33.5 million dollars, with almost 76 percent spent right here in western Colorado... that includes goods and services for everything from furniture to office supplies.
Additionally, the university paid 33 million dollars in wages, with an estimated 20 million dollars spent by local employees.
The report also showed that almost 36 thousand people visited CMU, with an estimated 25 percent coming from outside the area.
The college conducts impact studies every other year.
In 2003, the estimated impact was 144 million dollars.
This year’s impact is a 143 percent increase.