(ABC 6 News) – The 26 colleges and seven universities that make up Minnesota State have a total impact on the state economy of $8.4 billion in FY2022, according to an economic impact analysis released today by Minnesota State.
The study further concluded that the program’s economic activity supported or maintained 62,125 jobs across the country.
“Minnesota State’s colleges and universities are woven into the fabric of its 47 campuses,” said Devinder Malhotra, Chancellor of Minnesota State. “Our campuses provide access to an extraordinary education for all Minnesotans – regardless of where they come from, and remain the social and cultural drivers of the communities we serve. We are the engine of the public workforce, and we are vital to economic, cultural and community development.”
The study was conducted by Parker Philips, a nationally recognized consulting firm specializing in economic impact analysis. Nichole Parker, senior partner at Parker Philips, said, “Due to the many changes in the higher education system and the ongoing effects of the COVID-19 pandemic, Minnesota State continues to be a strong official with their resources and strong economic impact. To produce graduates who fulfill the needs of public employees while meeting the changing and diverse needs of students, the R8,4 billion made clearly shows that Minnesota State is important to the economy of this country.”
Among the findings of the study:
- A total economic impact of $8.4 billion for the State of Minnesota in FY2022, which includes $4.7 billion in direct and $3.7 billion in indirect and generated spending, resulting from operating expenditures, capital expenditures (10-year average) , wages and benefits paid to employees, student expenses. , and visitor spending.
- The State of Minnesota supports or keeps $1 of every $49 in the Minnesota economy.
- Minnesota State jobs support or maintain a total of 62,125 jobs – one in every 46 state jobs.
- Through its domestic spending and the jobs it supports or maintains, Minnesota State generates $649.2 million in state and local taxes.
- Minnesota State employees contribute an estimated $109.3 million annually to charitable giving and volunteerism.
- For every $1 in state appropriations, Minnesota State leverages nearly $11 in economic activity.
In addition to the significant impact on campus performance, the report also found that the added revenue to the economy due to students graduating from high school is significant. In FY2022, Minnesota State colleges and universities awarded 36,000 degrees and certificates. More than 850,000 alumni live and work in the state.
|College / University||Economic Contribution||Employment
|State and Local Taxes|
|Riverland Community College||$158,067,813||1,210||$12,801,784|
|Rochester Community and Technical College||$234,857,465||1,785||$18,672,419|
|Winona State University||$420,993,867||2,897||$29,726,152|
A complete economic impact analysis and individual college/university reports are available at MinnState.edu/impact.