The University of Minnesota creates $8.6 billion in total economic impact annually and accounts for one out of every 43 jobs in the state, according to a new survey.
U of M reports an $8.6 billion annual economic impact in Minnesota
MINNEAPOLIS / ST. PAUL (02/28/2011) —In an economic impact study released today, the University of Minnesota outlined the major role it plays in Minnesota’s economy. Among the findings released:
- Every dollar invested in the university by the state generates $13.20 in the statewide economy.
- The university’s overall economic impact in Minnesota totals $8.6 billion annually.
- A total of 79,497 jobs in Minnesota are supported by the U of M, including 37,178 jobs in communities across the state through university spending.
- Research at the university plays a major role in the state’s economy, generating $1.5 billion in annual economic impact and supporting 16,193 jobs.
“Since its earliest days, we know that the University of Minnesota has played a vital role in Minnesota’s economy,” said president Robert Bruininks. “Now we have concrete data to prove that point and demonstrate the significant return on investment that the university provides on the taxpayer dollars that are entrusted to us.”
The study was conducted by Tripp Umbach, a national leader in providing economic impact analyses to leading research institutes, universities, hospitals and academic medical centers. Tripp Umbach has completed more than 100 economic impact studies over the past decade, including the University of Washington, Penn State, Ohio State and the Mayo Clinic.
“The University of Minnesota is a major contributor to Minnesota’s economy in terms of employment, education, innovation and economic development,” said Paul Umbach, senior principal at Tripp Umbach. “Our analysis shows that the university’s true impact goes far beyond the $8.6 billion in annual economic impact and includes quality of life impacts such as volunteerism and charitable donations of staff, faculty and students, as well as arts and culture.”
Additional findings from the report will be discussed during a work session at the Board of Regents meeting on March 11, 2011.