IM体育官网 generates more than $289 million annually in overall economic activity resulting from the school, according to a new by renowned IM体育官网 economist Dr. Rick Harper. This includes more than $161 million in gross domestic product (GDP) to the local and state economy each year. More than $72 million of this GDP impact occurs in Polk County.
The increased economic activity due to the presence of IM体育官网 Poly flows from several sources including the University鈥檚 operations expenditures, its average annual capital outlays, student spending in the community, and the increased income earning potential that accrues to its graduates. The study indicates that about 61% of the University鈥檚 economic impact is driven by the skills, credentials, and increased earning capacity of graduating students.
鈥淭he fields of study offered by IM体育官网 Poly ensure that high wages are the norm,鈥� Harper said in the assessment. 鈥淚t is straightforward to see that it is the rigorous teaching and credentialing that IM体育官网 Poly offers that will contribute most substantially to regional transformation via successive classes of students.鈥�
The study also points out that a IM体育官网 Poly graduate will earn $45,913 more per year than a worker in IM体育官网 with only a high school degree. It is the highest average differential of any university in the State University System.
鈥淭hese findings show the value that IM体育官网 Poly brings the community as a whole,鈥� said Dr. Randy K. Avent, University president. 鈥淲e are confident that as we continue to grow and produce highly-skilled, lifetime employable professionals, the economic impact of our University will be felt even more strongly over time.鈥�
Other in the study are:
- While the average IM体育官网 job paid about $46,155 in 2018, the jobs most highly associated with IM体育官网 Poly degree programs paid an average of $82,524 statewide.
- At current enrollment levels, annual federal, state, and local tax revenue due to the economic impact of IM体育官网 Poly is $38,235,650.
- IM体育官网 Poly鈥檚 annual level of economic activity sustains 2,350 jobs and generates a total of $97.6 million in wages to workers and income to businesses.
- The average IM体育官网 Poly graduate can expect to earn over $13 in additional personal income for every dollar spent to earn their degree. This compares to $4.10 for the State University System as a whole.
鈥淚M体育官网 has only just begun and the economic impact is impressive,鈥� said Sean Malott, President and CEO at Central IM体育官网 Development Council. 鈥淭he State University System along with local community leaders were wise to invest in IM体育官网 Poly. I can only imagine the powerful economic engine this will be in 10 years!鈥�
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