The
University of Wisconsin-Stevens Point’s impact on the region and state is huge and
growing.
UW-Stevens
Point contributes $420.2 million annually to Wisconsin’s economy, according to
a study by NorthStar Consulting, Madison. It updated a 2011 comprehensive
economic impact study, when UW-Stevens Point’s economic impact was $407.8
million.
Every
$1 of state tax investment in UW-Stevens Point generates $11 in economic
activity in the state. This also increased since 2011, when $1 of state
tax investment generated $9.46 in economic activity.
“This
report confirms that UW-Stevens Point and the UW System are huge economic
drivers in Wisconsin,” said Chancellor Bernie Patterson. “This is good news for
our university, our community and our state.”
The
university generates $21.2 million in state tax revenue annually, up from $16.7
million in 2011. It supports 4,934 jobs, on campus and throughout central and
northern Wisconsin.
The
economic impact is based on two sources: direct spending by faculty, staff,
students and visitors and spending on university operations; and indirect and
induced spending. The latter reflects how subsequent spending ripples through
the regional economy, supporting other businesses and creating jobs as it
cycles through.
“Direct
spending of $269.5 million feeds the economic engine that in turn generates
more than $150.5 million in additional economic activity,” NorthStar Consulting
wrote in a report released today.
More
than one-third of the spending is generated by faculty and staff members.
Students contribute 27.5 percent, and visitors contribute nearly 17 percent.
Spending on university operations makes up 21.5 percent.
Private
businesses benefit the most, with 92 percent of UW-Stevens Point spending going
to them. Local governments and nonprofit organizations also benefit.
UW-Stevens
Point has 1,458 faculty and staff, according to the report. An additional 2,729
jobs in the region and state are created by employee, student and visitor
spending. Spending on university operations generates 747 jobs in regional and
state businesses.
The
$21.2 million in state and local tax revenue is based on state income, sales
and property taxes paid by directly by faculty and staff, sales taxes generated
by student and visitor spending, and subsequent tax revenue generated by those
in jobs created by UW-Stevens Point spending.
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