Economic Impact Study 2022

The study reveals the economic impact of Radford University on the Commonwealth of Virginia. It also defines a “region of impact” which is where faculty, students, and staff predominantly live, work and contribute to local economies. Radford University’s main campus is located in the City of Radford, but also has operations in Roanoke at Radford University Carilion and Roanoke Higher Education Center, as well as in Abingdon at the Southwest Virginia Higher Education Center.

The total economic impact of Radford University on the Commonwealth of Virginia was $421.7 million in FY2022, $390 million within the region. The impact is from direct expenditures for goods and services by the university, its faculty, staff, students and visitors in combination with the indirect and induced impacts of those dollars being respent in the state and regional economies.

For every $1 the Commonwealth of Virginia allocated to Radford University in FY2022, the university returned $6.35 in economic impact to the statewide economy. When the human capital improvements to FY2022 graduates were included, that benefit increased almost four times to $23.80.

The University’s employment impact is a total of 5,561 jobs in the Commonwealth. These jobs include not only direct employment by the university (1,574 jobs), but also jobs that were stimulated in Virginia through spending by the institution and its employees, students, and visitors (3,987 jobs).

Radford University students are estimated to have injected $85.7 million into the statewide economy in FY2022, with 94% of spending occurring within the region. Students also dedicate more than 7,600 hours annually toward community service, with an estimated volunteerism impact of $229,109.

Visitors to the university infused approximately $7.1 million into the regional economy in FY2022 through local spending on things such as lodging, food and beverage, retail shopping and recreation.

In addition to the university’s economic impact, Highlander alumni are estimated to contribute $2.2 billion annually to the Virginia economy through consumer spending. Seventy percent of Radford University alumni live in Virginia.

More than 2,000 individuals graduated with a degree from Radford University in FY2022, thereby increasing their earning potential in the job market. The human capital improvement of these graduates is estimated to bring $1.16 billion in additional income to the Virginia economy over the course of their careers.