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.”