Colby College releases report on their economic footprint on the region

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WATERVILLE, Maine (WABI) - Colby College held a meeting with Waterville officials to discuss the positive economic impacts the school has had on the region.

Discussion focused on ongoing projects, such as the Lockwood Hotel being built downtown on Main Street, as well as the economic changes for area residents since 2014.

"Well I think it was a real opportunity to talk about the growth and change that's happening in Waterville and to reflect on how that has statewide implications. The possibilities for Maine are endless if more cities can do what Waterville is doing right now. It's going to have a major impact on the economic growth of the state overall," said Colby President David Greene.

In total, Colby College says they are responsible for more than $1 billion dollars of economic growth from 2014-2018.

"Looking at approximately $1.5 billion dollars in GDP for the state of Maine as well as $1.1 billion output for Waterville alone. So that's talking about growing businesses, growing entrepreneurs, but then likewise, the backlash of benefits with regards to job creation," said Garvan Donegan, a member of the Central Maine Growth Council.

To see the full economic impact report, you can visit Colby.edu.