Capilouto1LEXINGTON, Ky. (11/22/13) – University of Kentucky President Eli Capilouto testified before the General Assembly's Interim Economic Development Committee during their meeting Thursday afternoon, regarding the economic impact UK has on the Commonwealth.

Approximately $284 million is poured into UK from Kentucky annually, said Capilouto during his presentation, which makes up a little more than 10 percent of the university's overall revenue.

“Our capacity to carry out our mission begins with you,” said Capilouto to the committee. “Everything we do here is built upon the $284 million of state appropriations.”

Capilouto highlighted what comes from those state and taxpayer dollars, including a $2.7 billion academic and research enterprise, a $1 billion hospital and Markey Cancer Center, a statewide cooperative extension network, and a self-sustaining collegiate athletics program.

UK is also the largest employer in Lexington and the second largest employer in the Commonwealth, said Capilouto. That's ahead of Toyota, Humana, Ford and G.E. UK employees 12,188 full-time employees, which generates $26.7 million in local payroll tax for Lexington and Fayette County Public Schools along with almost $52 million in state payroll tax revenue.

He added that UK has produced more than 5,000 graduates annually over the past decade, and 6,000 during the 2011-2012 year alone. More than 105,000 UK alumni currently reside in Kentucky. In addition, 86 percent of UK graduates are living in Kentucky five years after their graduation. That includes 52 percent of students UK attracts from out of state.

“We've helped develop a critical concentration of technology, healthcare and education that thrives here in central Kentucky through the partnership of our talented faculty and staff, the resources we are able to attract through collateral businesses and industry, and through the graduates that we prepare,” said Capilouto. “I like to say that the economic engine of Kentucky is wherever a graduate of the University of Kentucky resides and works.”

Capilouto also outlined renovations and new additions to the campus, including residence halls, a $65 million renovation to the Gatton College of Business and Economics, a new academic science building and renovations to Commonwealth Stadium.

He ended the testimony by expressing deep gratitude to the committee.

“I hope you have great pride in what we're doing, because you have a strong hand in it,” said Capilouto. “We are an institution with incredible momentum … It is a lot to be proud of and we are so so grateful for you giving us the opportunity to serve our state in these many ways.”

David Gillum
SurfKY News
Image provided by uky.edu

LIKE SurfKY on Facebook - Click here to LIKE us now.

© Copyright 2015 SurfKY News Group, Inc. All rights reserved. This material may not be published, broadcast, or rewritten without permission. SurfKY News encourages you to share this story on social media.

Posted on 2/2/14
3/13 - 16
1 DOW 18,024.06
+183.54 (1.03%)    
2 S&P 2,108.29
+22.78 (1.09%)    
3 NASDAQ 5,005.39
+63.97 (1.29%)    
3/13 - 16

Most Read This Week

April 28, 2015 4068

Search for Stolen Vehicle Ends with Woman Charged…

by SurfKY News
April 27, 2015 3416

Online Petition Seeking Re­opening of Shanice…

by Samantha Carver, SurfKY News
April 28, 2015 3276

Man Charged with Stalking Smoke Shop Clerk

by MPD
April 27, 2015 2825

Hopkins County Drug War ― Are We Winning?

by Doreen Dennis, SurfKY News
April 30, 2015 2714

Family Says 'Goodbye' to Dog After It Allegedly…

by Doreen Dennis, SurfKY News

Most Read This Month

April 17, 2015 15286

An Open Letter from an Addict

by Olivia Kirks
April 23, 2015 8413

Man Charged with Sodomy, Incest/Victim under 12

by SurfKY News

Stories Trending Now

May 02, 2015 1082

Frymire’s Life Accomplishments, Dedication to MCC…

by Tammy Holloway, SurfKY News
May 01, 2015 834

Above and Beyond: Leighann Stroud

by Gary Gates, SurfKY News
May 03, 2015 719

Two Injured During Two-Vehicle Collision

by SurfKY News
May 02, 2015 614

Don't Bet on Supreme Court Overturning Marriage…

by Richard Nelson
May 02, 2015 564

Homegrown by Heroes Receives Donation from…

by Ted Sloan
May 02, 2015 539

Weeknight activities the whole family can enjoy

by SurfKY News
May 02, 2015 514

New Mather Metals to Expand in Franklin

by Office of the Governor
May 02, 2015 478

Hooked on Science - 'Kentucky Derby Balloon Race'

by Jason Lindsey
May 02, 2015 450

Happenings, Meetings Listed for Following Week

by Amber Averitt, SurfKY News