ST. PAUL, Minn. – A new report from the system of state colleges and universities in Minnesota says Rochester Community and Technical College contributes $231.9 million to the regional economy and supports 2,009 jobs.
“At RCTC, our top priority is the success of our students, but it is important to note that the College also plays a vital role in both the state and the regional economies,” says RCTC President Jeffery Boyd. “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.”
The study was commissioned by Minnesota State and was conducted by Parker Philips, a nationally recognized consulting firm specializing in economic impact analysis. It considered the direct spending on operations, pay, benefits, and capital projects by RCTC and the estimated increase in demand for goods and services in industry sectors that supply or support the College. Officials say the study also measured the effect of student spending and the induced effect of increased household income.
In addition, the study concluded that RCTC generates about $13.4 Million in tax revenues for state and local government and that the education received by RCTC graduates generates $5.4 billion in state income over their careers.
“RCTC makes a long-term contribution to the regional economy with every graduating class because the productivity improvements from higher education last for the worker’s entire career,” said Dr. Boyd.
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, supporting an estimated 67,717 jobs in the state.
The economic contribution report for RCTC is available by clicking here.
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