91ΒιΆΉΣ³»generates more than $289 million annually in overall economic activity resulting from the school, according to a new by renowned 91ΒιΆΉΣ³» 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 91ΒιΆΉΣ³» Poly flows from several sources including the Universityβs 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 Universityβs economic impact is driven by the skills, credentials, and increased earning capacity of graduating students.
βThe fields of study offered by 91ΒιΆΉΣ³» Poly ensure that high wages are the norm,β Harper said in the assessment. βIt is straightforward to see that it is the rigorous teaching and credentialing that 91ΒιΆΉΣ³» Poly offers that will contribute most substantially to regional transformation via successive classes of students.β
The study also points out that a 91ΒιΆΉΣ³» Poly graduate will earn $45,913 more per year than a worker in 91ΒιΆΉΣ³» with only a high school degree. It is the highest average differential of any university in the State University System.
βThese findings show the value that 91ΒιΆΉΣ³» Poly brings the community as a whole,β said Dr. Randy K. Avent, University president. βWe 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.β
Other in the study are:
- While the average 91ΒιΆΉΣ³» job paid about $46,155 in 2018, the jobs most highly associated with 91ΒιΆΉΣ³» 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 91ΒιΆΉΣ³» Poly is $38,235,650.
- 91ΒιΆΉΣ³» Polyβs 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 91ΒιΆΉΣ³» 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.
β91ΒιΆΉΣ³»has only just begun and the economic impact is impressive,β said Sean Malott, President and CEO at Central 91ΒιΆΉΣ³» Development Council. βThe State University System along with local community leaders were wise to invest in 91ΒιΆΉΣ³» Poly. I can only imagine the powerful economic engine this will be in 10 years!β
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Lydia Guzman
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863-874-8557