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

e-max.it: your social media marketing partner

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

In Other News...

UPDATE - OPD Investigates Boiler Room Robbery

OWENSBORO, Ky. (8/27/15) — According to an Owensboro Police Department report, OPD has charged two persons believed to… Read More

'A Raffle Straight from the Stars'

KELLY, Ky. (8/27/15) — In a world where video games and TV dominate the entertainment factor with most children, our… Read More

Most Read This Week

August 24, 2015 10505

Teen Reports Slasher Attempted to Attack Him on…

by Doreen Dennis, SurfKY News
August 24, 2015 5833

Alleged Burglar Calls 911 to Report Fire

by SurfKY News
August 22, 2015 4918

Hopkins County Grand Jury Indictments

by SurfKY News
August 24, 2015 4854

UPDATE: Four Dead, Two Survive Boating Accident

by SurfKY News
August 24, 2015 3870

MPD Coducting Sobriety Checkpoints

by SurfKY News

Most Read This Month

August 06, 2015 14614

Muhlenberg Woman Reportedly Suffers Violent…

by SurfKY News
August 24, 2015 10505

Teen Reports Slasher Attempted to Attack Him on…

by Doreen Dennis, SurfKY News

Stories Trending Now

August 27, 2015 3814

All is Well after MNHHS Lockdown

by Doreen Dennis, SurfKY News
August 27, 2015 1520

Kentucky Career Center Blood Drive Aug. 31

by SurfKY News
August 26, 2015 1106

Legislators Preview Election 2015

by KET
August 27, 2015 845

Madisonville Police Arrest Reports Released -…

by SurfKY News
August 27, 2015 815

Driver Injured after Swerving to Avoid Striking…

by Doreen Dennis, SurfKY News
August 27, 2015 479

Remember Alison Parker, Adam Ward Not the Killer

by SurfKY News
August 27, 2015 460

KSP Charges Jefferson County Man with Child…

by SurfKY News
August 27, 2015 413

Rep. Steve Riggs Challenges State, Local…

by SurfKY News
August 27, 2015 388

Jobless Rates down in 115 Kentucky Counties in…

by SurfKY News
August 27, 2015 374

Four Face Meth Charges

by SurfKY News