Vermont Law School contributed $30.5 million in direct expenditures to the Vermont economy and generated 376 jobs in 2014, reports a study detailing the economic impact of the institution released today by VLS.
Prepared by Nicolas O. Rockler of Belmont, Mass.-based Kavet, Rockler & Associates, LLC, the in-depth study covers direct expenditures and secondary impact estimates based on a model created by Regional Economic Models, Inc. (REMI) of Amherst, Mass. The REMI model incorporates current economic data with a theoretical framework from which to develop secondary impact estimates.
"This economic impact study reinforces what we've long known about Vermont Law School's role in the Vermont economy," said VLS President and Dean Marc Mihaly. "We provided detailed accounting data to best inform the study. We are a small school, but our impact on the Vermont economy is great—far greater than what typically would be expected from an institution of our size, according to the report."
Highlights from the "Economic Impact of Vermont Law School on the Vermont State Economy" study, a PDF of which is available online, include:
• In 2014, VLS contributed $30.5 million in direct expenditures into the Vermont economy out of a total expenditure base of $39.9 million, from its 13-acre campus in South Royalton, Vt. (Table 1)
• VLS employed 145 persons in 2014, with total payroll and labor-related expenses of $18 million, of which $15 million, or 82 percent, was paid to Vermont recipients (Table 1). This direct income grows to $19.2 million in personal income and tax payments after considering secondary impacts. (Table 6)
• The high proportion of direct in-state spending gives rise to an employment multiplier of 2.9, generating an additional 245 jobs throughout Vermont for a total of 376 jobs that VLS supports for Vermont residents. (Table 6)
• VLS's 550 full-time students and 110 summer students spent a total of $12.2 million in Vermont in 2014. This includes nearly $4 million in direct rental income to property owners and over $3 million spent at local stores and restaurants. (Table 5)
• Visitors to VLS spent nearly $342,000 directly in Vermont in 2014, including prospective students, family members, friends, alumni and some of the 150 students in VLS's distance learning programs. (Page 17)
• The economic impact of VLS can also be measured as the amount of gross state product (GSP) that is attributable to VLS operations. VLS had a GSP of $20.6 million in 2014. This is an estimate of the school's economic contribution to the value of goods and services ultimately purchased by VLS. (Table 6)
• A $32 million output figure can be derived, strictly in Vermont, in 2014, by including the value of Vermont purchased goods and services used in VLS operations. Output is the measure of transactions involved in supplying goods and services to VLS. (Table 6)
• VLS "enhances Vermont's reputation as a state associated with high-quality post-secondary education services and helps promote the 'Vermont Brand', which is characterized by a high level of environmental quality." (Page 1)
For more information about the consultants who prepared the "Economic Impact of Vermont Law School on the Vermont State Economy" study, visit www.kavetrockler.com.