What's the U of M worth to Minnesota? $8.6B a year according to new report

The University of Minnesota recently hired research firm Tripp Umbach to study the U’s role in the state economy.

The conclusion: the U of M contributes $8.6 billion a year in total economic “impact” to the state.

The research firm included direct and indirect expenditures for goods and services by the university, its employees, students and visitors.  That means everything was counted; from the millions of dollars the U spends on a new building, to the $7 a U of M prof spends on lunch at Jimmy John’s.

The study also concludes every dollar the state invests in the U generates $13.20 for the statewide economy.

The report comes as University of Minnesota and the Minnesota State Colleges and Universities system officials worry their state funding will be slashed while lawmakers wrestle with a $5.03 billion state budget deficit (a big number, but smaller than the $6.2 billion that was predicted earlier in the session).