WATERVILLE, Maine — In the past five years, Colby College has pumped millions of dollars into the city of Waterville.
On Tuesday, October 15, the college released an economic impact report that shows just how its investments have impacted the greater Waterville area.
The economic impact report shows over the last 5 years, Colby College has invested $33 million in downtown Waterville.
The report also shows that whereas most of Maine is experiencing a decline in population and labor force, Colby's investments have helped to increase Waterville's population and labor force by 6% compared to stats from Kennebec and Somerset counties.
In addition to building a new downtown dorm called the Main Street Commons, the college is building a hotel and has purchased previously empty buildings in the city and opened them to businesses. One such business is Portland Pie Co.
Owner of the Waterville Portland Pie restaurant Pat Mulligan says Colby's mission to revitalize Waterville's downtown attracted him to the Main Street property.
Mulligan says, "I passed through and saw what was going on and then started reading in the papers about the revitalization and thought it was pretty neat."
Mulligan says Colby College has been a great partner to the restaurant.
Waterville resident Don Smallidge says it's exciting to see new businesses popping up downtown. It doesn't matter to him who or what institution is behind the revitalization, as long as it happens.
Smallidge says, "I don't really care whose influence it is. I think it has perked up the downtown. I see a lot more foot traffic. It doesn't look like bombed-out World War II destruction anymore."
Colby College President David Greene says in three years, Waterville will be even more lively.
"What you're gonna see I think is a really sustainable model of a vibrant, economic center of Waterville. It'll be a place where people want to live, people want to visit... it's going to be a real destination for people!"
Colby College's economic impact report was conducted as an independent analysis by leading Maine-based experts in measuring economic impacts.
Among other things, the report found that over the past five years of Colby's operations, investments, and visitor and student spending supported nearly $1.5 billion dollars in economic output across Maine. The majority of which occurred in the greater Waterville region.