September 6, 2012
Indiana State University's impact on the state economy exceeds $500 million per year, according to a new study presented to the university's board of trustees Thursday.
The study by Indianapolis-based Thomas P. Miller and Associates found $309.3 million in direct university-related impact during fiscal 2011. Using what university officials describe as a "very conservative multiplier," the study found Indiana State accounted for $518.6 million in total impact statewide, with an estimated $406 million of that amount in the Terre Haute region.
"Indiana State University is proud of the role it has in building the local, regional and statewide economies, said university President Dan Bradley. "Partnering with the city and others, Indiana State hopes to continue to be a catalyst for development of Terre Haute's downtown and riverfront areas while working to advance the quality of life for our students and the residents of the Wabash Valley and the state of Indiana."
The estimate took into account the operating and auxiliary expenses of the university and the ISU Foundation and the spending power of more than 1,800 university employees as well as students, retirees and campus visitors. The university and foundation accounted for 68 percent of the $309.3 million impact, students 22 percent, retirees 8 percent and campus visitors 2 percent. Capital projects by the university accounted for $28.3 million.
The study found that ISU-related expenditures support a total of 5,020 jobs statewide, with about 4,200 of those jobs in the Terre Haute region.
More than 1,700 Indiana State employees reside in Indiana, with more than 1,550 of them living in the Terre Haute area.
Indiana State's commitment to community engagement is also evident in the study, which found that faculty, staff and students contributed 1 million service hours during fiscal 2011. Based on the national minimum wage, the study estimated the total value of that service at $8 million.
While the study did not break down the dollar impact of university events, it found that Indiana State's Hulman Memorial Student Union, Hulman Center, Tirey Hall and University Hall Theater hosted 5,120 separate events. It also noted that the Terre Haute Rex Baseball team, which plays its home games at Bob Warn Field at Sycamore Stadium, is owned by the ISU Foundation.
"Clearly, ISU provides a significant economic and cultural impact on the state and particularly the Terre Haute region," said Chris Pfaff, director of the university's Business Engagement Center. "As the university continues to make progress in achieving its strategic goals, I anticipate our success will positively impact our students, partners and community as well."
With its campus just seven miles from the state line, Indiana State's economic impact is not limited to Indiana. The study found the university contributed $3.7 million in wages and pension benefits to employees and retirees in Clark and Edgar counties in Illinois, leveraging an additional $1.5 million in spending and supporting an additional 51 jobs in the two counties.
Contacts: Karl Burgher, chief strategy officer, Indiana State University, 812-237-4000 or email@example.com, Chris Pfaff, director, Business Engagement Center, Indiana State University, 812-237-2530 or firstname.lastname@example.org
Writer: Dave Taylor, media relations director, Office of Communications and Marketing, Indiana State University, 812-237-3743 or email@example.com
The impact on the state economy from Indiana State University exceeds $500 million per year, and the university is responsible, directly or indirectly, for more than 5,000 jobs, according to a new study presented to the university's board of trustees.