ROCHESTER, MN (CROC-AM NEWS) – Rochester Community & Technical College (RCTC) is highlighting the college’s impact on the local economy.
The state of Minnesota, a system made up of the RCTC and 25 other colleges and universities across Minnesota, recently commissioned a study to study the economic contribution of their campuses. The study found that the statewide system contributed $8.4 billion to Minnesota’s economy for fiscal year 2021.
The RCTC’s contribution to Rochester’s economy came in at $234,857,465. The study found that the RCTC was responsible for creating 1,785 jobs in Rochester and generated $18,672,419 in state and local taxes.
Jeffrey Boyd, Ed.D., RCTC president, said in a post on the college’s Beehive blog:
“At Rochester Community & Technical College, our top priority is the success of our students, but it is important to note that RCTC plays an important role in both the state and regional economies. The economic activity generated by our operations and our faculty, staff and students is important to the health , touches nearly every corner of our regional economy including education, hospitality, construction, maintenance and retail.
RCTC reported an enrollment of 6,783 students in the last financial year. Of those students, 3,381 are considered full-time students.
Minnesota State Chancellor Devinder Malhotra said in a statement:
“Minnesota state colleges and universities are woven into the fabric of the 47 communities within which they are located,” said Minnesota State Chancellor Devinder Malhotra. “Our campuses provide access to an exceptional education for all Minnesotans – regardless of their background, and are often social and cultural drivers in the communities we serve. We are the workforce engine for the state, and we important for the economic, cultural and civic development of the state.”
A statement from the state of Minnesota highlights the additional economic impacts of 26 higher-education institutions:
Total economic impact of $8.4 billion for the state of Minnesota in FY2021, including $4.7 billion in direct and $3.7 billion in indirect and induced spending, results from operating expenses, capital spending (10-year average), payroll and employee benefits, student spending , and visitor spending.
The state of Minnesota supports or maintains $1 of every $42 in Minnesota’s economy.
Minnesota state operations support or maintain a total of 62,125 jobs – one out of every 46 jobs in the state.
Through its local spending and the jobs it supports or maintains, the state of Minnesota generates $649.2 million in state and local taxes.
Minnesota state employees contribute an estimated $109.3 million annually to charitable giving and volunteerism.
For every $1 in state appropriations, the state of Minnesota benefits approximately $11 in economic activity.
The full RCTC report is available by clicking here. The full report for the Minnesota State System is available here.
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