Montana Tech Impacts the Local Economy and the State of Montana
MONTANA TECH IMPACTS THE LOCAL ECONOMY AND THE STATE OF MONTANA
University of Montana President Royce Engstrom was on the campus of Montana Tech today to unveil an Economic Impact Study conducted by Patrick M. Barkey, Director of the Bureau of Business and Economic Research at The University of Montana. The study examined the economic impact of Montana Tech within the local economy and across the State.
The contribution of Montana Tech to Butte is well recognized. The results from the survey conclude that Montana Tech not only has a significant net impact on the local economy, but at the same time makes a significant contribution to the entire state.
The economic impact study reports that for the $16 million of tax revenue that is used to fund Montana Tech, the state’s economy is improved by $73 million (exclusive of tuition paid by our students). In other words, for every $1of taxpayer investment into Montana Tech, the state’s economy sees $4.56 in return.
The report goes on to say that Montana has almost 900 more jobs as a result of Montana Tech’s presence. The economic impacts of Montana Tech are categorized in the areas of university operations, university research, graduate earnings, visitors to Montana Tech, and student off-campus spending.
“An interesting highlight from this survey is that Montana Tech not only impacts our local Butte economy but also has an impact across the state,” explained Chancellor Frank Gilmore. “Montana recognizes the value of Montana Tech’s core product which is educated people. One of the primary impacts of Montana Tech is that we take the wonderful human resources of this state and convert them into highly educated and productive workers.”
The survey found that spending by Montana Tech visitors is more than $500,000 annually. The purchase of transportation was the highest by visitors with $152,000; followed by accommodations at $149,000; and food services at $119,000.
Off-campus spending by our students heavily impacts the local economy. Total spending by Montana Tech students in Montana is almost $5.5 million. The largest components of this total are $2,324,170 to retail trade establishments; $2,335,409 to housing; and $355,368 to services.
For more information, please contact Amanda Badovinac at 406-496-4828.