PC contributes nearly $200M to local economy in ’14

PROVIDENCE COLLEGE contributed nearly $200 million to the economies of the state of Rhode Island and the city of Providence in fiscal 2014, according to a study by the college. / COURTESY PROVIDENCE COLLEGE
PROVIDENCE COLLEGE contributed nearly $200 million to the economies of the state of Rhode Island and the city of Providence in fiscal 2014, according to a study by the college. / COURTESY PROVIDENCE COLLEGE

PROVIDENCE – Providence College contributed nearly $200 million to the economies of the state of Rhode Island and the city of Providence in fiscal 2014, according to a study by the college’s Office of Public Affairs, Community and Government Relations.

Providence College President Rev. Brian J. Shanley said no other institution in Rhode Island “spins off as much revenue to the state and local economies” from athletic event attendance.

The college pumps nearly $27 million into the city in direct spending by its students, parents, alumni, prospective students and their families, members of its board of trustees and visiting athletic teams, according to the study.

“Providence College, like our sister institutions in Providence and across the state, is an economic generator for our host city and for the state as a whole. We are one of the area’s largest employers, and the money we invest in our physical plant creates additional jobs for hundreds of tradespeople on an annual basis … When you combine the impact of our economic endeavors with the thousands of community service hours delivered by our students, it is clear that Providence College’s economic and civic contributions to the city of Providence and the state of Rhode Island are paramount,” Shanley said in a statement.
Study highlights include:

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  • Providence College is one of the 10 largest employers in the city and among the 50 largest employers statewide with more than 850 full-time employees; 79 percent – or 680 – of those employees live in Rhode Island and 25 percent – or 218 – live in Providence.
  • The college generated more than $62 million in employee salary and benefit payments to the state of Rhode Island in fiscal 2014, paid approximately $3.5 million in state tax collections and invested approximately $3.3 million in college student employment.
  • In the city of Providence, Providence College generated $18.9 million in employee salary and benefit payments and invested $3.3 million in scholarships and financial aid.
  • From fiscal 2013 to 2014, Providence College students contributed more than 55,000 community service hours, assisting more than 150 different social service agencies, community groups, public, private and charter schools, and city government offices.

The city of Providence also received $2.23 million from the state of Rhode Island Payment in Lieu of Taxes (PILOT) program in recognition of PC’s tax-exempt property.

In addition, the college provided more than $588,000 in voluntary payments (which includes payments stemming from the college’s 2003 memorandum of understanding with the city and payments related to the college’s 2012 agreement for the purchase of portions of three city streets).
“That is over $2.8 million that would be lost revenue to the city if the college’s campus did not exist and the area was replaced by residential properties,” according to a news release from the college.

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