The University of Wisconsin-Stevens Point’s economic impact on the region and state is vast and growing.
With the addition of branch campuses in Marshfield and Wausau, UW-Stevens Point contributes $671.3 million annually to Wisconsin’s economy, according to a study by NorthStar Analytics, Sturgeon Bay. The firm updated a 2015 comprehensive economic impact study, including all three UW-Stevens Point locations for the first time.
The economic impact of the Stevens Point campus grew from $420.2 million to $538 million in those four years, according to a UWSP news release. The impact the Marshfield and Wausau campuses are $35.9 million and $50.7 million, respectively.
According to the information provided by UWSP:
Every $1 of state tax investment in UW-Stevens Point generates $18.28 in economic activity in the state. This also increased since 2015, when $1 of state tax investment generated $11 in economic activity by the university’s main campus in Stevens Point. Every $1 in state tax investment at the Wausau campus generated $42, and at Marshfield, $21 in economic impact.
“This report confirms that UW-Stevens Point’s three locations are huge economic drivers in Wisconsin,” said Chancellor Bernie Patterson in the release. “This is good news for our university, the state and central Wisconsin.”
With the addition of the Marshfield and Wausau campuses, UW-Stevens Point generates $40.9 million in state and local tax revenue annually, up from $21.2 million in 2015.
The economic impact is based on two sources: direct spending by faculty, staff, students and visitors and spending on university operations; and indirect and induced spending. The latter reflects how subsequent spending ripples through the regional economy, supporting other businesses and creating jobs as it cycles through.
“Direct spending of nearly $313.2 million feeds the economic engine that in turn generates more than $358.2 million in additional economic activity,” NorthStar Analytics wrote in a report released today.
More than one-third of the spending is generated by faculty and staff members. Students contribute 16 percent, and visitors contribute nearly 21 percent. Spending on university operations makes up 28 percent.
Private businesses benefit the most, as 92 percent of economic impact generated by UW-Stevens Point activities goes directly to private business. Local governments and nonprofit organizations also benefit.
UW-Stevens Point supports 6,321 jobs on campuses and throughout central and northern Wisconsin, according to the report. The university employs 1,868 faculty and staff members at its three locations. An additional 3,496 jobs in the region and state are created by employee, student and visitor spending. Spending on university operations generates 957 jobs in regional and state businesses.
The $40.9 million in state and local tax revenue is based on state income, sales and property taxes paid directly by faculty and staff, sales taxes generated by student and visitor spending, and subsequent tax revenue generated by those in jobs created by UW-Stevens Point spending.
Importantly, 92 percent of graduates remain in Wisconsin three years after completing their degrees.
Graphic provided by UWSP.