A new economic development impact study has revealed that the University of North Carolina Wilmington (UNCW) contributes a significant $3.2 billion to the state’s economy. The study, titled “Soaring Higher Together: UNCW and Southeastern North Carolina,” highlights the university’s profound economic influence.
- NOTE: $1.6 billion of that contribution is concentrated in the eight-county Cape Fear region—Bladen, Brunswick, Columbus, Duplin, New Hanover, Onslow, Pender, and Sampson counties.
Breaking It Down: The report emphasizes that UNCW supported over 14,580 jobs across the state in fiscal year 2022. The university directly employed 2,718 people in 2023, with 83% of them residing in New Hanover County. In 2022, UNCW’s payroll reached $222.1 million.
- For every $1 spent by UNCW, 73 cents was generated in the regional economy. Student spending had an $84.4 million impact on the region, generating 40 cents in the local economy for every dollar spent by UNCW students.
- UNCW’s operational and capital spending had a $672.4 million effect on the region.
Alumni: A substantial part of the economic impact stems from the university’s alumni, with over 32,000 graduates living in the Cape Fear region, collectively earning an estimated $1 billion in additional income due to their bachelor’s degrees.
- Alumni spending contributed $657 million to the regional economy, boosting local businesses and services.
What They’re Saying: UNCW Chancellor Aswani K. Volety underscored the importance of the university’s economic role, stating, “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. This report, while highlighting our tangible economic contributions, also underscores the broader influence of UNCW.”
Bottom Line: The study not only highlights the significant financial impact UNCW has on Southeastern North Carolina but also points to its broader role in enhancing the region’s economic development. Through its alumni, employees, and students, UNCW is a major driver of economic activity, helping to sustain jobs, increase wages, and support local businesses.