Carroll Contributes $340 Million to State Economy

Author: Carroll University

Published Date: 2/17/2020

Categories: University News

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This economic impact analysis was conducted by Emsi, a leading provider of economic impact studies for higher education institutions across the United States. Results of the analysis reflect FY 2017-18, the most current data available. 

A recent economic study shows Carroll University creates a significant, positive impact on the state economy, pumping $340 million into Wisconsin and benefiting students, taxpayers and society.

“When most people think of a university’s contributions to society, they may not consider the diverse economic impact it has, such as construction, jobs, student and visitor dollars spent here,” said Carroll President Cindy Gnadinger. “In FY 2017-18 alone, this report shows Carroll University added $340 million to the Wisconsin economy and supported 6,481 jobs.”

Among those jobs are Carroll’s 2,262 full- and part-time faculty and staff, with a payroll of $40.5 million, much of which employees spent in Wisconsin for groceries, mortgage and rent payments, dining out and other household expenses.

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That’s not to mention the value of a Carroll education, which the report by Emsi of Moscow, Idaho, says translates into a return of $3.40 in lifetime earnings for every dollar students invest in their education. Students’ average annual rate of return is 12.4%, compared to 9.9% for the stock market’s 30-year average annual return.

“When you consider that Carroll is about to celebrate its 175th anniversary, the economic impact on the state is even greater. For all these years we have been attracting students, families and employees to Wisconsin, where they spend significant amount on groceries, rent, mortgages, entertainment and more,” Gnadinger said.

“And it’s just not a monetary contribution, although that is indeed significant. Our real impact is in our people. Over the years, students who have studied at Carroll entered or re-entered the workforce with newly acquired knowledge and skills. Today, thousands of these former students are employed in Wisconsin, with a net impact of $276.5 million in added income.”

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Operations Spending Impact  |  $47.5 million

The net impact of spending by Carroll is $47.5 million in added income to the state. Carroll University employed 2,262 full-time and part-time faculty and staff, including student workers, with a payroll of $40.5 million, much of which was spent in the state for groceries, mortgage and rent payments, dining out and other household expenses. Additional university money was spent on day-to-day expenses related to facilities, supplies and professional services.

Alumni Impact  |  $276.5 million

Over the years, students have studied at Carroll University and entered or re-entered the workforce with newly-acquired knowledge and skills. Today, thousands of these former students are employed in Wisconsin. The net impact of Carroll University’s former students currently employed in the state workforce amounted to $276.5 million in added income in FY 2017-18.

Construction Impact  |  $7.9 million

Carroll University commissioned contractors to build or renovate its facilities, generating a short-term infusion of spending and jobs in the state economy, with a net impact of $7.9 million in added income for Wisconsin.

Student and Visitor Spending Impact  |  $8.1 million

Around 29% of students attending Carroll originated from outside the state, with some of these students relocating to Wisconsin. In addition, some in-state students would have left for other educational opportunities if not for Carroll. These relocated and retained students spent money on groceries, mortgage and rent payments, and other living expenses. Add to that the amount students’ friends, families and other Carroll visitors spent, and it amounts to $8.1 million in income to the Wisconsin economy.

About the Study:
Data and assumptions used in the study are based on several sources, including the most current FY 2017–18 academic and financial reports from Carroll University, industry and employment data from the U.S. Bureau of Labor Statistics and U.S. Census Bureau, outputs of Emsi’s Multi-Regional Social Accounting Matrix model, and a variety of studies and surveys relating education to social behavior. The study applies a conservative methodology and follows standard practice using only the most recognized indicators of economic impact and investment effectiveness. For a full description of the data and approach used in the study, please contact the university for a copy of the main report.

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