Minnesota State University, Mankato has a profound economic impact in the region, according to the results of a study released Tuesday.
MSU contributes $827.2 million and 5,884 jobs to the regional economy, says the study, which was commissioned by the Minnesota State system.
“An economic contribution analysis is an objective way to measure the significance of an organization in the regional economy; it is a useful tool that policymakers can use to inform their decisions,” said Nichole Parker, president of Parker Philips, the consulting firm that conducted the study.
“The numbers speak for themselves – Minnesota State Mankato clearly is an important contributor to the regional economy.”
Direct operations spending, pay, benefits, and capital projects were part of the study analysis. The study also measured the effects of student spending.
According to the study, MSU supports and sustains 5,884 jobs through direct employment at the university, as well as indirect jobs created by supply and equipment vendors, construction projects, and jobs in community hotels, restaurants, and retail stores.
The study also calculated tax revenues generated by sales, property, personal and corporate income taxes.
Assuming a 40-year work life, the education received by MUS graduates will yield additional state income of $76.6 billion.
“There are more than 82,000 Minnesota State Mankato alumni living and working in Minnesota,” said MSU President Dr. Edward Inch. “We are proud of their contributions to our state and regional economies. We’ve been told by our alumni that when they are hiring new employees, they look first to our graduates because they know of the exceptional education our students receive.”