The Minnesota State, the system of 30 state colleges and seven state universities, has released a study that estimates the regional economic impact of Minnesota State University – Mankato and South Central College.
It puts the impact of MSU at $781,491,074 and also notes the university supports 6,239 jobs in the region. President Richard Davenport says, “We are proud of the valuable roles our students, alumni, faculty and staff play in contributing to both the state and regional economies.”
South Central College’s contribution to the regional economy, according to the study, is estimated to be $160,992,919 and 1,410 jobs.
“As this region’s community and technical college, we take seriously our role in enhancing the economic vitality of the marketplace by not only providing quality education but also through the community involvement and contributions of our faculty, staff, and students through the purchases they make daily,” said President Dr. Annette Parker,
The study considered the direct spending on operations, pay, benefits, and capital projects as well as the estimated increase in demand for goods and services in industry sectors that supply or support the institutions. It also measured the effect of student spending and the induced effect of increased household income.