Washington and Lee University’s Economic Impact Estimated at $275 Million W&L plays a consequential role in supporting the region’s economy.

Office of Communications and Public Affairs
July 17, 2026

Washington and Lee University boosts the Shenandoah Valley economy by $275 million a year, according to a new study. The study also found that in the fiscal year 2025, the university:

• supported more than 2,400 jobs,
• contributed a $1.73 million net benefit to the Lexington City government, and
• generated $1.9 million in community engagement impact.

The economic impact study, conducted by Virginia-based EconImpact, LLC, examined the university’s economic impact on the Shenandoah Valley in Virginia, defined as Augusta, Botetourt, Roanoke and Rockbridge Counties, and the independent cities of Buena Vista, Lexington, Roanoke, Staunton and Waynesboro, from July 2024 – June 2025. The study found that the university was responsible for $1 of every $60 of economic activity in the Shenandoah Valley during that period, and underscored W&L’s overall fiscal and social commitment to the region.

“Washington and Lee has long valued its relationship with the Lexington/Rockbridge area and the greater Shenandoah Valley,” said Steve McAllister, vice president for finance and treasurer at W&L. “We know that our students and employees appreciate living here and enjoy giving back to the local community in countless ways. This study illustrates the full extent of the university’s impact as an economic engine that supports jobs and economic development well beyond the borders of our campus.”

Direct Impact

Washington and Lee University’s total economic impact on the Shenandoah Valley is estimated at $275 million, with $146.3 million in direct spending, which accounts for spending by the university, its employees, students and visitors. This spending went to area businesses, which in turn supported other local industries and created an additional $100.9 million in indirect spending by W&L. Alumni currently residing and employed in the Shenandoah Valley contributed an additional $15.6 million to the area, an amount that also reflects the increased earning potential of W&L graduates.

In 2025, W&L supported 2,434 jobs in the Shenandoah Valley, including W&L employees as well as jobs that rely on spending by the university and visitors. An estimated 1,042 full-time W&L employees call the Shenandoah Valley home, and these individuals and their families actively contribute to the region’s social and economic welfare.

As an active participant in the local economy, W&L provided a $1.73 million net benefit to the Lexington City government, with contributions to local government revenues outpacing city expenditures on W&L.

“We sometimes hear concerns from residents about the growth of our campus footprint and the potential drain on local resources or tax revenues,” noted McAllister. “We hope this report will give residents confidence that W&L consistently contributes more than it consumes in terms of city expenditures, and is a vital contributor to the local economy, supporting local businesses and drawing visitors that help to sustain the city of Lexington and the surrounding area.”

W&L drew more than 70,000 visitors to the Shenandoah Valley in 2025, bringing $19.6 million in spending. The university draws crowds to campus throughout the year, from alumni reunion weekends and Parents and Family Weekend to athletic events, concerts, admissions visits and undergraduate and law commencements. These occasions bring increased foot traffic to Lexington, filling hotels and restaurants as visitors explore all the Shenandoah Valley has to offer and participate in the local economy. The cultural benefit from concerts, plays and other programs sponsored by W&L that bring visitors to the area is valued at $1.7 million.

Community Engagement

W&L’s impact is also felt through the numerous ways the university supports and engages with the Lexington and Rockbridge community. In 2025, W&L contributed $430,000 in community grants to 35 local nonprofit organizations, including Main Street Lexington, the Montessori Center for Children and the Rockbridge Area Health Center. Specifically, W&L’s  Community Grants Program gives $60,000 each year to organizations in Lexington, Buena Vista and Rockbridge County, and with the grants made in the 2025-2026 cycle, the program surpassed $1 million in giving since its inception in 2008.

Working with members of the local community is a central element of a W&L education, and the Office of Community-Based Learning supports reciprocal and mutually beneficial partnerships between students, faculty, staff and community organizations. Through course offerings and service-minded campus organizations, the W&L community contributed 72,000 hours of community engagement activities in the Shenandoah Valley in 2025, valued at over $1.9 million.

W&L undergraduate students have served as tutors and mentors for educational and enrichment programs hosted by Rockbridge County High School, Rockbridge Regional Library and Rockbridge YMCA, and volunteer with their Greek organizations, athletics teams and other service initiatives, such as Volunteer Venture, Nabors Service League, the Bonner Program and the DeLaney Center. Notably, the Campus Kitchen at W&L addresses food insecurity in Rockbridge County and serves more than 1,000 clients each month with its mobile food pantry, Backpack Program and other hunger-fighting initiatives. In addition, W&L Law students provided more than 15,000 hours in pro bono legal assistance throughout the Shenandoah Valley through the law school’s community legal practice clinic, black lung clinic, criminal justice clinic and tax clinic.

“While our financial impact on the region is important, we are particularly proud of how our students and employees actively participate in all aspects of the local community,” said W&L Provost Lena Hill. “Responsible leadership, service to others, and engaged citizenship are core elements of W&L’s mission, and our students and employees take that to heart, putting their knowledge and skills to work in nonprofit and civic organizations across Lexington and Rockbridge County. This kind of community engagement has a powerful impact on both the individuals involved and the organizations they serve.”