Minnesota State, the system of 30 state colleges and seven state universities, recently released the results of a study that estimates the contribution of Anoka Technical College and Anoka-Ramsey Community College to the regional economy to be $371.7M and 3,198 jobs.
“Our top priority is the success of our students, but it is important to note that our colleges also play 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,” said Kent Hanson, President of Anoka-Ramsey and Anoka Tech. “We are proud to be a community partner.”
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. “Anoka-Ramsey Community College and Anoka Technical College clearly are major contributors to the regional economy.”
In the analysis, the study considered the direct spending on operations, pay, benefits, and capital projects by Anoka Tech and Anoka-Ramsey and the estimated increase in demand for goods and services in industry sectors that supply or support the colleges. The study also measured the effect of student spending and the induced effect of increased household income.
According to the study, a key result of this activity is that Anoka Tech and Anoka-Ramsey support and sustain 3,198 jobs including direct employment by the colleges, as well as indirect and induced jobs created by supply and equipment vendors, contractors, and laborers for the construction and renovation of facilities, and jobs created in the community at hotels, restaurants, and retail stores in support of the colleges’ faculty, staff, students, and visitors.
The study also calculated tax revenues generated by this level of economic activity, including sales, property, personal income, and corporate income taxes. The study concluded that Anoka Tech and Anoka-Ramsey generate about $371.7M in tax revenues for state and local government.
Statewide, all Minnesota State operations, including all seven state universities and 30 community and technical colleges, plus the spending of its faculty, staff, and students, had a total statewide economic contribution of $8.0 billion. This activity generated an estimated 67,717 jobs in the state.
The economic contribution report for Anoka Technical College and Anoka-Ramsey Community College is available at MinnState.edu/IMPACT.