Study shows significant economic impact Lenoir-Rhyne brings to region

Lenoir-Rhyne University delivers a substantial economic boost to the Unifour region— encompassing the counties of Alexander, Burke, Caldwell and Catawba—generating $113.6 million in added income during the 2022-23 fiscal year, according to a new study. The investment in an LR degree also pays off for students. For every dollar students invest in their education at LR, they receive $3.60 in higher future earnings in their lifetime. 
Those are findings of an independent economic impact and investment analysis conducted by Lightcast, a global consulting firm that has conducted more than 3,000 economic impact studies for colleges and universities. LR commissioned the study last year to quantify and underscore its role as a vital economic engine and provider of significant return on investment for its students.

“This study demonstrates the immense value Lenoir-Rhyne University brings to the Unifour region and the entire state,” said Dr. Fred Whitt, president of Lenoir-Rhyne. “We are proud to contribute to the economic growth and social well-being of our community, while providing our students with a transformative educational experience that prepares them for success.”

Detailed Description of Chart

LR not only plays a vital role in increasing students' employability and personal growth but also attracts visitors and students to the region, creating substantial economic opportunities. 

Below are other findings included in the report:

• Economic Impact: LR's operations, visitor and student spending, and the success of its alumni contributed a total of $113.6 million to the Unifour economy, supporting 1,935 jobs.
• Return on Investment for Students: For every dollar students invest in their education at LR, they receive $3.60 in higher future earnings. The average annual return on investment for LR students is an impressive 15.6%.
• Attracting Visitors: Out-of-region visitors spent an estimated $1.2 million to attend LR Athletics events.
• Alumni Impact: LR alumni generated $70.8 million in added income for the regional economy.
• Benefits to Taxpayers: North Carolina taxpayers will receive a cumulative value of $67.3 million in benefits over the working lives of LR students, through increased tax revenues and reduced demand for government services.
• Student Spending: Almost 60% of students came from outside the region and LR also retained other students who might otherwise have left the area for college. Spending from these students generated $6.1 million in added income.
• Social Benefits: LR generates $661.5 million in social benefits for North Carolina, including increased economic prosperity and savings in healthcare, justice system, and income assistance.

“Lenoir-Rhyne University has been a cornerstone of our community for generations, fueling local businesses, attracting talent, and shaping the workforce that keeps our city thriving,” said Hickory Mayor Hank Guess. “Its students, faculty, and staff don’t just contribute economically—they bring fresh ideas, energy, and a spirit of innovation that makes our city a better place. Through job creation, business support, sports tourism, and community engagement, LR plays an essential role in fostering growth and opportunity. We’re proud to have such a strong partnership with the university, and we look forward to seeing its continued impact for years to come.”

The data and assumptions used in the study are based on LR's FY 2022-23 reports, industry and employment data from the U.S. Bureau of Labor Statistics and U.S. Census Bureau, and other relevant economic data. 

Related Links

• Infographic: The Economic Value of Lenoir-Rhyne University (PDF)
• Fact Sheet (PDF)
• Executive Summary (PDF)