Study: SCSU and SCTCC Contribute $49.6M in Tax Revenue
ST. CLOUD -- St. Cloud State University and St. Cloud Technical and Community College continue to leave a large footprint in our local, state and national economies.
All Minnesota State institutions were a part of a study done by Pennsylvania - based consulting firm Parker Philips.
In the study, St. Cloud State was found to have an annual contribution to the economy of $686.5 million and SCTCC has $188.6 million.
SCSU supports and sustains 5,515 jobs. Meanwhile, SCTCC supports and sustains 1,650 jobs regionally.
Locally, SCSU generates $38.5 million in tax revenues on a local and state level. That total includes sales, property, personal-income and corporate-income taxes. For SCTCC, they contribute $11.1 million in tax revenues. Combined both institutions contribute $49.6 million in tax revenue.
King Banaian is the Dean of the School of Public Affairs at SCSU. He says this money ends of coming back into the public sector.
"St. Cloud State University has an economic impact of $686 million of that $868 million $38.5 million ends up in state and local revenue. That's money that is spent somewhere in the state or local community that ends up being plowed back into the public sector."
The study also found that both institutions prioritize giving back to the St. Cloud and surrounding communities.
SCSU faculty, staff and students make a combined $45.8 million in charitable donations with $1.3 million going toward local non-profit organizations.
Banaian says as a university this community contributions number is a key part in making SCSU a successful place both inside and outside of the classroom.
"Here, about 73.5% of our students get into volunteering somewhere in the community. Our students on average volunteer on average a little more than three hours a week. It's something that we are very proud of, our students are engaged in the community and show stewardship of it."
For SCTCC, faculty, staff and students make $1.6 million in charitable donations annually.
You can see both SCSU and SCTCC's full studies by following the link below.