Idaho State University releases economic impact study; indirect and induced economic output is about $312 million
April 19, 2011
The indirect and induced economic output from Idaho State University operations, employee, student and visitor spending is about $312 million annually.
This is one of the highlights of the "Idaho State University Economic Impact Study," which was released Tuesday by ISU officials.
"We are proud of our contributions to the social and economic development of the local community, the region and the state," said ISU President Arthur C. Vailas. "In purely economic terms, as the study shows, ISU’s contribution to the region is significant and is projected to become even larger during the rest of the decade."
Other highlights of the report include:
• Additional earnings from ISU alumni living and working in Idaho contribute an estimated $873 million annually to the state economy.
• ISU's 14,400-plus students spend $141.5 million annually on living expenses in Idaho. Non-resident student numbers have increased at ISU, and in 2010 had risen to 1,470 non-residents, which included 344 international students. These out-of-state and international students have an $18.4 million direct economic impact annually. Ninety percent of ISU’s students are Idaho residents, representing all 44 of the state’s counties. In addition, ISU is represented by students from 48 states.
• ISU is the single largest employer in Pocatello and in surrounding Bannock County. In fiscal year 2010 ISU employed 1,945 full-time and part-time employees, as well as 162 graduate assistants. Total wages paid were about $70 million.
• ISU's L.E. and Thelma E. Stephens Performing Arts Center and Holt Arena generated $5.1 million in revenue and consumer spending in Idaho during the fiscal year 2010.
"I hope this economic impact study will contribute to building and fostering a better understanding of Idaho State University's place in the economic vitality of our local communities and region," Vailas said.
This benchmark study, which details many other aspects of ISU's economic impact, was produced by Bengal Solutions Center for Business Services, a resource unit of the ISU College of Business. Bengal Solutions offers consulting services to local businesses.
The study was conducted by Master of Business Administration students Cory Howerton and Kevin McMurtrey, who were overseen by Sam Peterson, director of the ISU MBA program.
"This report is a snapshot of Idaho State University’s performance, accomplishments, and impact on the surrounding communities and state in fiscal year 2010," McMurtrey said. "We wanted to show the intrinsic value of Idaho State University, and acknowledge that there is a mutual dependence between a university and the cities, regions, and state where it is located."
Research for the project began in September and concluded this month.
For the sake of transparency and legitimacy, the study was completed in a way that was open, honest and straightforward, according to its authors, Howerton and McMurtrey. In general, they added, the methods and practices used were conservative in nature and the numbers calculated are quantifiable.