Central Michigan University contributed more than $940 million in regional and statewide economic activity in 2012, according to a report released today by the Anderson Economic Group of Lansing.
The report, which provides economic data for all 15 public universities in Michigan, positions CMU as a key contributor to jobs and prosperity across the state.
The study includes economic data on payroll and benefits, spending on academic instruction and research, and student spending. Key findings include:
- Wages and benefits for CMU’s 2,707 faculty and staff total $243.9 million.
- CMU’s non-payroll spending for items such as instruction, research and operations equals $167.5 million.
- Spending by CMU students on and off campus for room and board, books and supplies, apparel, and meals and entertainment totals $380.5 million.
- Cumulative spending by all 15 public universities equals $23.9 billion in Michigan and accounts for more than 120,000 jobs.
“This report underscores higher education’s importance in its financial impact on our local communities,” said CMU President George E. Ross. “Simply put, the data shows the state’s investment of $73 million in CMU this year also is an investment in the state’s economy.
The AEG report shows every county in Michigan benefits from the economic impact of higher education, including Isabella County where nearly $117 million is spent annually.
“CMU is truly a statewide university serving students driven to discover and achieve,” said Ross. “We are proud that 92 percent of our students are from Michigan, and 80 percent remain in the state after graduation.
“One of CMU’s main priorities will continue to be making a college education accessible to students as demonstrated by our recent $6 million increase in financial aid, bringing our total investment to a record $61 million, which 80 percent of our students benefit from.”
The Presidents Council, State Universities of Michigan commissioned the AEG report. Highlights are available here.