Kansas Independent College Association today released the results of a study that estimates the impact of McPherson College on the statewide economy to be $44.1 million.
McPherson College President Michael Schneider said, “Our faculty and staff are committed to our mission and the success of our students, it’s why we have been recognized as a ‘Great College to Work For’ for the last eight years. Beyond our commitment to students, it is also important to remember that McPherson College plays a vital role in both the state and the regional economies. Our operations and the economic activity generated by our faculty, staff, and students touch virtually every corner of our local economy.”
The study was conducted by Parker Philips, a nationally recognized consulting firm specializing in economic impact analysis. Nichole Parker, a principal partner at Parker Philips, said, “Economic impact is an objective way to measure the significance of an organization in the regional economy. McPherson College clearly is a major contributor to the regional economy.”
In the analysis, the study considered the direct spending on operations, pay, benefits, and capital projects by McPherson College and the estimated increase in demand for goods and services in industry sectors that supply or support the college. The study also measured the effect of student spending and the induced effect of increased household income.
According to the study, a key result of this activity is that McPherson College supports and sustains 320 jobs including direct employment by the college as well as indirect and induced jobs created by supply and equipment vendors, contractors, and laborers for the construction and renovation of facilities, and jobs created in the community at hotels, restaurants, and retail stores in support of the college’s faculty, staff, students, and visitors.
The study also calculated tax revenues generated by this level of economic activity, including sales, property, personal income, and corporate income taxes. The study concluded that McPherson College generates about $2.6 million in tax revenues for state and local government. Of the $2.6 million, $1.1 million was generated in local taxes.
According to the report, each year, McPherson College alumni generate $69.5 million in economic output for the Kansas community, support and sustain 437 jobs, and contribute $4.3 million in state and local taxes. Said President Schneider, “McPherson College makes a long-term contribution to the regional economy with every graduating class because the productivity improvements from higher education last for the worker’s entire career. And, our graduates are career-ready. Each year two-thirds of our graduating class have secured a job, graduate school placement, or military service before Commencement.”
Statewide, all private, nonprofit colleges and universities, including all 20 members, plus the spending of its faculty, staff, and students, had a total statewide economic impact of $1.1 billion. This activity generated an estimated 8,269 jobs in the state.
The economic impact report for McPherson College is available at https://www.mcpherson.edu/wp-content/uploads/2022/10/KICA-McPherson-College-Impact-Study.pdf
Original source can be found here
Alerts Sign-up