Minnesota State Study Shows Economic Impact from State Universities and Colleges

(KWNO)- Minnesota State and its system of 26 state colleges and seven universities released results of a study that estimated the economic impact of the schools.

The Study found that Minnesota State College Southeast in Winona has an estimated annual impact of $88.3 million. For Winona State University, their estimated annual impact is at $420 million.

Minnesota State commissioned the study, and it was conducted by Parker Phillips, a national consulting firm that specializes in economic impact analysis.

Part of the analysis 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’s or supports the college and university. The study also included the effect of student spending and the induced effect of increased household income, according to a press release from Minnesota State College Southeast.

Of the Southeast region of Minnesota as a whole, the study estimates that schools have a $902 million-dollar economic impact, a state a local tax impact of $68.4 million and create 6,560 jobs.