Report finds Midway University has $36.5 million economic impact

MIDWAY, Ky. (FOX 56) — No matter the size, colleges and universities across the country can impact the towns they’re located in big ways.

One example of this is Midway University and the impact the school has on Midway and Woodford County as a whole.

Although it may not get the same recognition as some of the larger universities in Kentucky, a report released in January by the Association of Independent Kentucky Colleges and Universities (AIKCU) finds some big things are going on in Midway.

The report showed that Midway University contributes $36.5 million annually to the state’s economy.

Mind you, the report looked at fiscal years 2021-2022, so that number most likely has gone up.

The majority of those contributions have an impact locally in Woodford County.

University President Dr. John Marsden said the school tries to create a number of partnerships with the community that align with what they’re teaching on campus.

That way, when students graduate, they’re immediately able to make a meaningful impact.

“It’s not just about preparing them for the workforce; it’s also about them growing up, becoming responsible citizens and learning how to be contributors in a global society,” explained Marsden. “We’ve had nine consecutive years of enrollment growth, and that has brought more students to campus, more visitors to the local community and as a result, we’ve also had to do a lot of building on campus to sustain that growth, to retain students. Many colleges are building, so students will come. We’ve been building it so that they will actually stay.”

Midway’s contributions are a part of the greater total economic impact of more than $2 billion from the state’s 18 independent colleges and universities.

Here’s a full breakdown of the schools examined in the report and their impact on the economy:

• Alice Lloyd College: $33 million
• Asbury University: $84.7 million
• Bellarmine University: $177.7 million
• Berea College: $202.8 million
• Brescia University: $33 million
• Campbellsville University: $295.6 million
• Centre College: $142.9 million
• Georgetown College: $53.8 million
• Kentucky Christian University: $19.2 million
• Kentucky Wesleyan College: $54.7 million
• Lindsey Wilson College: $91 million
• Midway University: $36.5 million
• Spalding University: $105.4 million
• Thomas More University: $160.8 million
• Transylvania University: $66.3 million
• Union Commonwealth University: $34.4 million
• University of Pikeville: $128.4 million
• University of the Cumberlands: $337.6 million

Among other things, Midway’s economic impact encompasses direct spending by the university, student expenditures, and the ripple effects of this spending across the community.

Marsden said during a time where higher education is shrinking, Midway is growing, both in terms of student enrollment and adding jobs.

This has a big impact on both the state and local economies in Woodford County.

Despite the university’s recent success, however, Marsden notes that colleges and universities are preparing for what’s being described as a demographic cliff.

This cliff occurs when there are fewer high school students attending college because of lower birth rates during the 2000s.

“We continue to prepare for the future by being nimble and entrepreneurial, meaning that we act very quickly, and if we see an opportunity that makes sense for the institution, both in terms of our mission and in terms of meeting workforce needs, we will move forward very quickly,” Marsden detailed.

Marsden said five things will allow the university to continue having a meaningful economic impact despite a potential decline in enrollment.

Offering programs that set students up for life after graduation, providing comparable athletic opportunities as larger universities, remaining affordable for prospective students, being centrally located between the state’s largest cities, and having staff who put the best interests of the students first.