Most Students Remain in Wisconsin After Graduation
Marshfield, WI (OnFocus) The University of Wisconsin-Stevens Point has an economic impact of $671.3 million in Wisconsin, according to new data.
The results include the university’s three campuses in Stevens Point, Marshfield, and Wausau and are updated from the 2015 comprehensive economic impact study. The Marshfield and Marathon colleges merged with UW-Stevens Point in 2018 and are included for the first time in the report.
Over four years, the university’s impact grew from $420.2 million to $538 million. Marshfield’s economic impact is $35.9 million while Wausau’s is $50.7 million.
The data obtained through NorthStar Analytics for the 2017-18 fiscal year found that every dollar of state tax investment in UW-Stevens Point generated $18.28 in economic activity in Wisconsin. Every state tax dollar generated $21 in Marshfield and in Wausau, $42.
“This report confirms that UW-Stevens Point’s three locations are huge economic drivers in Wisconsin,” said Chancellor Bernie Patterson. “This is good news for our university, the state, and central Wisconsin.”
Altogether, the university generates $40.9 million in state and local tax revenue, up from $21.2 million in 2015.
The economic impact was determined by examining direct spending by faculty, staff, students, and visitors, spending on university operations; and indirect and induced spending. Direct spending of $313.2 million in turn generates $358.2 million in additional economic activity, according to the report.
Private businesses benefit the most from this economic impact, receiving $617 million directly. The top three sectors are health care (17%), real estate (12%), and retail (10%), followed closely by food and drink establishments (9%).
The report also found that 6,322 Wisconsin jobs were created or supported by the university, but the report did not separate these categories. UWSP employs 1,868 faculty and staff at all three locations and an additional 3,496 jobs in the region and state are created through employee, student, and visitor spending. Spending on university operations generates 957 jobs in regional and state businesses.
Additionally, the report found that the majority of UWSP graduates live in the state three years after graduation, or 92 percent.
The report will help local authorities make decisions about the university and reaffirms the value of each campus.
“This helps the person on the street, the person sitting on the county board or the city council understand the relationships between the three campuses and the campuses and local government,” said Patterson. “Without these partnerships, none of this would be possible.”
The report also reiterates the value the university has in attracting and retaining workers, which in turn benefits the local economy.
“This proves that we are so tied to the workplace. We need to get our students into the workplace and get them established,” said Michelle Boernke, Campus Executive at UWSP at Marshfield.
To help meet the needs of the workforce, next fall the Marshfield and Wausau campuses will offer six new associate degree and two new bachelor degree programs, plus an MBA program.
“Every employer I talk to tells me he or she cannot find the employees they need,” said Patterson. “Workforce development really needs to be a major priority not just for university but for the community and region.”
The full report can be viewed at www.uwsp.edu/busaffairs.