Minnesota State System Drives $8.4 billion into State Economy
ST. PAUL (WJON News) - A new report finds Minnesota’s colleges and universities had an over $8 billion impact on the state economy.
A new study released by Minnesota State finds the 26 colleges and seven universities created 62,125 jobs and generated $649.2 million in state and local taxes in the fiscal year 2021.
Devinder Malhotra, chancellor of Minnesota State, says the economic impact of a college or university in a community cannot be overstated.
The colleges and universities of Minnesota State are woven into the fabric of the 47 communities within which they are located. Our campuses provide access to an extraordinary education for all Minnesotans – no matter their background, and are often the social and cultural drivers in the communities we serve. We are the workforce engine for the state, and we are vital to the state’s economic, cultural, and civic development.
Other findings from the report:
- The $8.4 billion economic impact included $4.7 billion in direct and $3.7 billion indirect and induced spending.
- The study finds the Minnesota State system supports $1 of every $42 in the state economy.
- Operations support 1 out of every 46 jobs in the state.
In 2021, the Minnesota State system of colleges and universities conferred 36,000 degrees and certificates.
To see a breakdown of individual colleges and universities' economic impact, click here.