TERRE HAUTE —
Indiana State University’s impact on the Terre Haute area economy exceeds $400 million a year, according to a new study presented to the university’s board of trustees Thursday.
Statewide, ISU’s economic impact is about $519 million.
The study by Indianapolis-based Thomas P. Miller and Associates found $309.3 million in direct university-related spending during fiscal 2011.
Using what university officials describe as a “very conservative multiplier,” the study found ISU accounted for $518.6 million in total impact statewide, with an estimated $406 million of that amount in the Terre Haute region.
ISU-related expenditures, both direct and indirect, support a total of 5,020 jobs statewide, with about 4,200 of those jobs in the Terre Haute region.
“Clearly ISU has a significant impact on the economy of the state of Indiana and particularly the Terre Haute region,” said Chris Pfaff, director of ISU’s Business Engagement Center.
The study took into account the operating and auxiliary expenses of the university and the ISU Foundation and the spending power of more than 1,800 university employees as well as students, retirees and campus visitors.
The university and foundation accounted for 68 percent of the $309.3 million in direct expenditures, students 22 percent, retirees 8 percent and campus visitors 2 percent. Capital projects by the university accounted for $28.3 million.
In fiscal 2011, ISU employed 1,813 faculty and staff, with total compensation of $109.4 million, making it the third largest employer in the region after Union Hospital and the Vigo County School Corp.
The Terre Haute region consists of Vigo, Vermillion, Clay, Sullivan and Parke counties.
“Indiana State University is proud of the role it has in building the local, regional and statewide economies,” university President Dan Bradley said in a news release. “Partnering with the city and others, Indiana State hopes to continue to be a catalyst for development of Terre Haute’s downtown and riverfront areas while working to advance the quality of life for our students and residents of the Wabash Valley and the state of Indiana.”
The study also looked at ISU’s commitment to community engagement and found that faculty, staff and students contributed 1 million service hours during fiscal 2011. Based on the national minimum wage, the study estimated the total value of that service at $8 million.
While the study did not break down the dollar impact of university events, it found that Hulman Memorial Student Union, Hulman Center, Tirey Hall and University Hall Theater hosted 5,120 separate events. It also noted that the Terre Haute Rex Baseball team, which plays its home games at Bob Warn Field at Sycamore Stadium, is owned by the ISU Foundation.
“When you look at all the events, whether sporting or cultural, in addition to the economic impact, you’ve got an institution that lends so much to this community that would not otherwise exist without ISU,” Pfaff said.
With ISU’s enrollment the highest it’s been in nearly 20 years, it’s likely the economic impact has increased since fiscal 2011, Pfaff said.
“As ISU grows and we have successes in our enrollment and strategic plan goals, we will continue to have a positive impact on both the state and Terre Haute region,” Pfaff said.
With its campus just 7 miles from the state line, ISU’s economic impact is not limited to Indiana. The study found the university contributed $3.7 million in wages and pension benefits to employees and retirees in Clark and Edgar counties in Illinois, leveraging an additional $1.5 million in spending and supporting an additional 51 jobs in the two counties.
While the study did not calculate a margin of error, it is “very conservative” in its estimates, said Karl Burgher, ISU chief strategy officer.
The study cost ISU $35,000.
Sue Loughlin can be reached at 812-231-4235 or sue.loughlin@tribstar.com.
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Study: ISU’s financial impact exceeds $519M statewide
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