Minneapolis College's Economic Impact Estimated at $333 Million
Minnesota State, the system of 30 state colleges and seven state universities, today released the results of a study that estimates the contribution of Minneapolis College to the regional economy to be $333.4 million dollars and 2,972 jobs.
Contributing to the Minnesota Economy
“At Minneapolis College, our top priority is the success of our students, but it is important to note that Minneapolis College also plays a vital role in both the state and the regional economies. Our operations and the economic activity generated by our faculty, staff, and students touch virtually every corner of our regional economy including education, hospitality, child day care services, and retail,” said President Sharon Pierce, Ed.D.
The study was commissioned by Minnesota State and was conducted by Parker Philips, a nationally recognized consulting firm specializing in economic impact analysis.
“An economic contribution analysis is an objective way to measure the significance of an organization in the regional economy; it is a tool that policy makers can use to inform their decisions,” said Nichole Parker, a principal partner at Parker Philips. “Minneapolis College clearly is a major contributor to the regional economy.”
In the analysis, the study considered the direct spending on operations, pay, benefits, and capital projects by Minneapolis College and the estimated increase in demand for goods and services in industry sectors that supply or support the College. The study also measured the effect of student spending and the induced effect of increased household income.