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An economic impact study credits Michigan Tech will creating about 4,200 jobs and generating $448 million in spending in the state of Michigan in 2016.
The report says that represents a rate of return of nearly 10 to 1 on every dollar the state invests in the university.
The study by Anderson Economic Group (AEG) also finds that each of Michigan’s 83 counties benefits financially from the University, with Houghton County, where the institution is located, accounting for almost 30 percent of the overall effect.
Commissioned by Michigan Tech, the report uses data primarily drawn from the 2016 fiscal year to show how University operations, alumni earnings and student spending inject hundreds of millions into Michigan’s economy.
The report also highlights $72.5 million in research and development activities that contribute to the state’s fiscal health.
The study also finds that Michigan Tech alumni inject millions into the state economy.
Nearly 26,000 strong, alumni in Michigan earned approximately $1.4 billion in fiscal year 2016.
In the if-Michigan-Tech-didn’t-exist framework of the report, the methodology attributes a $340-million infusion of those salaries and wages into the state economy.
“For 163 years, Michigan Tech has provided for the evolving workforce needs for the great state of Michigan. This latest economic impact study proves that for every dollar invested from the state, Michigan Tech’s students, faculty, staff and alumni pay it back tenfold,” says Michigan Tech President Rick Koubek.
Read the full story, “New Study Traces Impact on State Economy,” and access the report on Michigan Tech News.
