Study: Purdue Fort Wayne Major Economic Driver

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(photo courtesy of Purdue University Fort Wayne) (photo courtesy of Purdue University Fort Wayne)

A new study shows Purdue University Fort Wayne has a major impact on the northeast Indiana region and the state as a whole. Texas-based economic and financial analysis firm The Perryman Group conducted the assessment of the university's operations and workforce effects, which says Purdue Fort Wayne has an $8.9 billion annual economic impact on northeast Indiana and fuels more than 82,000 jobs. Chancellor Ronald Elsenbaumer says the study was conducted to get an idea on how the university affects the community.

In an interview with Inside INdiana Business, Elsenbaumer said the most important takeaway from the study is recognizing the value of every dollar that is invested in the university.

"Every dollar that's invested in our institution results in three dollars in terms of economic stimulus in our area, just based on our annual budget," said Elsenbaumer. "That's quite significant. That's a very significant return on investment in this institution and it's an almost immediate return. I think another aspect of this is letting our donors know that every dollar that they contribute and donate to our institution has a long-lasting impact in our region as well."

The study says the university also has an $11 billion annual economic impact on the state and drives nearly 102,000 jobs each year. Additionally, university operations, as well as student and visitor spending, results in $458 million in total annual expenditures in Fort Wayne, which Elsenbaumer said was the statistic that most surprised him.

Purdue Fort Wayne says the impact measured in the study reflects the annual economic benefits of employed graduates living in Indiana. The university says about 75 percent of its nearly 61,000 alumni live and work in Indiana.

"This report underscores the significant economic impact and benefits that a thriving university can have on its region, its state, and beyond. While we have long known our university provides extraordinary economic and social benefits, it is gratifying to have the institution’s impact quantified and confirmed by an independent third party."

You view the full report below or by clicking here.

Elsenbaumer says the most important takeaway from the study is recognizing the value of every dollar that is invested in the university.
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