St. Cloud Technical & Community College contributed an economic impact of $183,881,345 and provided 1,390 jobs in the St. Cloud community in Fiscal Year 2022, according to an economic contribution analysis released by Minnesota State.
“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.”
“In addition to serving a critical role in delivering a skilled workforce and providing the education and support needed for SCTCC students to equitably participate in our economy, society, and democracy, the economic returns to the St. Cloud community generated through SCTCC education and career training programs result in a tremendous positive impact on this region’s economy and job base,” added SCTCC President Lori Kloos.
The study was conducted by Parker Philips, a nationally recognized consulting firm specializing in economic impact analysis. Nichole Parker, a principal partner at Parker Philips, said, “Through the many changes in the higher education system and the continued effects of the COVID-19 pandemic, Minnesota State continues to be a strong steward with their resources and a powerful economic impact hub. Producing successful graduates that fulfill the workforce needs of the state while meeting students’ changing and diverse needs, the [impact] generated clearly shows that Minnesota State is integral to the state’s economy.”
Among the findings in the study:
- Of the 1,390 Minnesota jobs that SCTCC supports and sustains, 979 are direct and 411 are indirect/induces. Of the 979 direct jobs, 313 are employees of SCTCC.
- Spending on operations and capital projects generates $78.6 million of the total impact, and student and visitor spending generates $105.3 million.
- The combined tax impact of SCTCC, its suppliers, students, and visitors is $14.6 million. This includes a direct impact of $9.8 million and indirect/induces impact of $4.8 million.
- Over a 40-year career, SCTCC alumni will generate $2.9 billion. These impacts are based on the added value of earning a degree from SCTCC, not alumni full wages.
- And estimated $2.47 million in charitable donations and volunteer services are generated annually by faculty, staff, and students.
The full economic contribution analysis and individual reports by college/university are available at MinnState.edu/impact.