RCTC Touts Impact on Rochester’s Economy
Rochester, MN (KROC-AM News)- Rochester Community and Technical College (RCTC) is highlighting the college’s impact on the local economy.
Minnesota State, a system made up of RCTC and 25 other colleges and universities throughout Minnesota, recently commissioned a study to study the economic contributions of its campuses. The study found the statewide system contributed $8.4 billion to Minnesota’s economy for fiscal year 2021.
RCTC’s contribution to Rochester’s economy came in at $234,857,465. The study found RCTC is responsible for creating 1,785 jobs in Rochester and has generated $18,672,419 in state and local taxes.
Jeffery Boyd, Ed.D., RCTC’s President said in a post on the college’s Beehive Blog:
“At Rochester Community and Technical College, our top priority is the success of our students, but it is important to note that RCTC 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 regional economy including healthcare, education, hospitality, construction, maintenance, and retail.”
RCTC reported 6,783 students enrolled for the past fiscal year. 3,381 of those students are considered full-time students.
Devinder Malhotra, chancellor of Minnesota State, said in a statement:
“The colleges and universities of Minnesota State are woven into the fabric of the 47 communities within which they are located,” said Devinder Malhotra, chancellor of Minnesota State. “Our campuses provide access to an extraordinary education for all Minnesotans – no matter their background, and are often the social and cultural drivers in the communities we serve. We are the workforce engine for the state, and we are vital to the state’s economic, cultural, and civic development.”
A Statement from Minnesota State highlights the additional economic impacts of the 26 high-learning institutions:
The $8.4 billion total economic impact of Minnesota State in FY2021, which included $4.7 billion direct and $3.7 billion indirect and induced spending, was the result of operational spending, capital spending (10-year average), payroll and benefits paid to employees, student spending, and visitor spending.
Minnesota State supports or sustains $1 out of every $42 in Minnesota’s economy.
The operations of Minnesota State support or sustain a total of 62,125 jobs – one out of every 46 jobs in the state.
Through its local spending and the jobs it supports or sustains, Minnesota State generates $649.2 million in state and local taxes.
The employees of Minnesota State contribute an estimated $109.3 million annually in charitable giving and volunteerism.
For every $1 in state appropriation, Minnesota State leverages nearly $11 in economic activity.
The full report for RCTC is available by clicking here. The full report for the Minnesota State system is available here.
Wow! Check out how Rochester has changed throughout the years in these Google photos.