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Business North - The Daily Briefing - Business Newspaper Online
Study: LSC contributes $156 million and 1,800 jobs
A study has found Lake Superior College has a substantial economic impact on the Arrowhead region’s bottom line.
Findings by Wilder Research finds the Duluth college directly and indirectly fuels 1,800 jobs and $156 million in spending, LSC said in a Wednesday news release. The expenditures include goods and services purchased by LSC employees, students and vendors. The study also concluded LSC generates approximately $9.5 million in tax revenues for state and local governments.
“Higher education in the Duluth-Superior area plays a vital role in contributing to a healthy local, regional and state economy,” said LSC President Patrick Johns. “This research affirms that Lake Superior College clearly has a positive financial impact.”
The study estimated the value of increased productivity from the 695 associate degrees awarded in 2011 throughout the careers of the graduates will yield additional state income of $42.4 million dollars throughout their 40-year work life.
On a statewide level, the Wilder study shows the seven-state universities and 24 community and technical colleges that are part of the Minnesota State Colleges and Universities System:
• Generate an annual economic impact of $8.3 billion (direct impact of $5 billion and indirect impact in other industries of $3.3 billion).
• Represent a return of $13.53 for each $1 of state appropriation.
• Generate an estimated 80,856 jobs in the state (56,876 direct jobs and 23,979 additional indirect jobs created by vendors, contractors and businesses supplying inputs to our colleges and universities and their students).
• Generate approximately $490 million in tax revenues for Minnesota state and local governments.
• • Enhanced productivity of MnSCU graduates across the state is equivalent to $4.7 billion of future value created each year.
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