Elon University’s economic impact study found that the university generates $695 million in annual economic impact. According to a press release from the university, Elon has sustained more than 7,400 jobs while producing $34.6 million in tax revenue in the state of North Carolina. 

Elon’s last economic impact study was conducted in 2004, where the university’s total impact was $243 million at the time. 

“This new study quantifies Elon’s substantial growth and contributions to our regional economy during the past 16 years,” President Connie Ledoux Book said in the press release. 

The study also found that the university annually generates $372 million in annual economic impact in Alamance County. 

This study was conducted by Tripp Umbach, which analyzed Elon’s operations for fiscal year 2020 and data that measured the university’s activities in summer and fall 2020 related to the pandemic.