Minneapolis College Generates Over $322 Million in State Economic Impact
The 26 colleges and seven universities that comprise Minnesota State had a total impact on the state’s economy of $8.4 billion in FY2022, according to an economic contribution analysis released by Minnesota State. The study further concludes that the economic activity of the system supported or sustained 62,125 jobs throughout the state.
The study also found that Minneapolis College contributes to the Minnesota economy by generating an annual impact of \$322.2 million. This includes a direct impact of \$184.8 million and an indirect/induced impact of \$137.4 million. Spending on operations and capital projects generates \$122.2 million of the total impact, and student and visitor spending generates $200 million.
In addition, Minneapolis College supports and sustains 2,477 Minnesota jobs (1,767 direct and 710 indirect/induced). These jobs are at the College and in the community—501 direct jobs are employees of Minneapolis College. The combined tax impact of Minneapolis College, its suppliers, students, and visitors is \$26.4 million.
An estimated 27,000 Minneapolis College alumni living and working in Minnesota are continuing to make a positive economic impact after graduation. These graduates are an integral part of the Minnesota workforce, impacting the economy not only through their spending but also through the extra earning power generated by their Minneapolis College degree.
“The colleges and universities of Minnesota State are woven into the fabric of the 47 communities within which they are located,” said Devinder Malhotra, chancellor of Minnesota State. “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.”
The study was conducted by Parker Philips, a nationally recognized consulting firm specializing in economic impact analysis.
The full economic contribution analysis and individual reports by college/university are available at MinnState.edu/Impact.