Coastal Carolina University contributes a net annual impact of at least $203 million to the economy of Horry County, according to a study conducted through an economics class in Coastal's E. Craig Wall Sr. College of Business Administration. The study, presented today by students in the class, is the most comprehensive evaluation the institution has undertaken to gauge its effect on the economy of the area.
Conducted by six students in Economics 495, a new applied research seminar that incorporates a service learning component, the study examines a broad range of factors- tuition, student spending, grants, athletic revenue, spending by visitors to Coastal, alumni activity, payroll and facilities-to determine the direct, indirect and induced economic impact the university exerts in the community.
Among the most significant economic factors considered in the study were: total direct spending by the university ($70.3 million); tuition revenues (more than $52 million); student spending on housing, food, transportation, recreation, etc. ($58.5 million); faculty salaries ($43 .9 million); and total sports revenue ($6.3 million). The study also takes into account nonmonetary benefits the university provides to the community, such as library services and public lectures, as well as nonmonetary costs such as traffic congestion and environmental impacts.
The students who conducted the study are: Jessica Goeden, a senior marketing major from Grand Rapids, Minn.; Heather Himmelrick, a senior economics major from Murrells Inlet; Briget Kurimay, a senior economics major from Glenmoore, Pa.; Brian Mansfield, a senior economics major from Chesapeake, Va.; Matthew Miller, a senior economics major from Myrtle Beach; and Ryan Ruppert, a senior economics major from Myrtle Beach.
The students worked under the direction of Coastal economics professor Yoav Wachsman, who taught the class. They also received assistance from management professor Taylor Damonte, director of the Clay Brittain Jr. Center for Resort Tourism; Gary Loftus, director of the Coastal Federal Center for Economic and Community Development; economics professor Dennis Edwards; and Don Brook, academic administration coordinator of the Wall College of Business.