BLOOMINGTON, Ind. (Inside INdiana Business) — A new report from Indiana University says the school added nearly $10 billion in income to the Indiana economy during the 2018-2019 fiscal year. The university says its investments in student success, research and innovation, and engagement in the economic development of communities throughout the state contributed to the impact.
IU commissioned the study, which was conducted by Idaho-based Emsi says the university’s impact supported more than 151,000 jobs. The firm analyzed IU’s spending across Indiana’s major industries and the costs associated with its educational activities.
“The results of this study demonstrate the enormous impact IU continues to have in contributing to a prosperous, productive and innovative Indiana economy,” IU President Michael McRobbie said in a news release. “Through our core missions to ensure student achievement, conduct world-class research and innovation, and engage our expertise and resources in the communities we serve, IU is helping to drive the state’s talent strategy, support high-quality jobs, generate major revenue, and contribute to a pervasive entrepreneurial culture throughout the university and our state.”
The study says IU’s impact was equal to about 2.7% of the total gross state product of Indiana. Additionally, IU says its alumni generated $7 billion in added income for the state economy.
The university says its research and innovation efforts, including the creation of new startups, contributed to its economic impact. During the fiscal year covered by the study, IU startup and spinoff companies added $106 million in income to the state economy.
“The Emsi report underscores the extraordinary work of our innovative and industrious faculty, students and alumni,” said Bill Stephan, vice president for government relations and economic engagement for IU. “Working alongside colleagues in technology commercialization and at IU Ventures, their collective efforts provide a particularly significant contribution to strategic sectors of the state’s economy.”
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