Private colleges and universities in Wisconsin had a $5.4 billion economic impact during the last academic year, a new study shows.
The Wisconsin Association of Independent Colleges and Universities yesterday released its economic impact report covering the 2024-25 academic year.
Colleges in the association produced $2.71 billion in direct spending and another $2.72 billion in indirect and induced impacts, according to the report.
“This report underscores the essential role our institutions play in Wisconsin’s prosperity and the long-term health of our workforce,” WAICU President and CEO Eric Fulcomer said in a statement.
These institutions directly employ more than 18,600 faculty and staff in the state, and their direct expenditures related to faculty make up nearly $1.7 billion or 62.7% of the total expenditures figure for the year. In total, WAICU members generate and support 39,242 jobs statewide, the study estimates.
Other segments of their expenditures for the year include: operational spending, with $590 million or 21.7% of the total; students, with $219 million or 8.1%; and visitors with $204 million or 7.5%.
WAICU is also touting members’ contribution to the government, noting they led to $788 million in federal, state and local tax revenue during the study period.
Fulcomer notes many graduates of private institutions end up staying in Wisconsin, raising families in communities around the state. The estimated 236,116 grads that live in the state generate $41 billion in economic activity each year, according to the report.
“Employers consistently tell us they need more talent, including more nurses, health professionals, teachers, engineers, and data analysts. Our institutions are answering that call every day,” Fulcomer said.
WAICU commissioned the study from independent consultant Royal Dawson de Quiroz, a former assistant vice president with Columbia College Chicago who now works for the California Institute of the Arts. He’s created similar reports for private college associations in Illinois and Indiana.
Listen to an earlier podcast with Fulcomer.
