Study: LSSU economic impact on state significant
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SAULT STE. MARIE - Lake Superior State University has a significent impact on Michigan’s economy, a new study found.
In fiscal year 2024, LSSU students, alumni, and operations generated nearly $110 million in economic activity and supported approximately 465 jobs statewide, according the study from the Michigan Association of State Universities and Anderson Economic Group, LLC. It examined LSSU's economic and workforce contributions for fiscal year 2024, including student spending, alumni earnings and other economic activity.
"LSSU graduates are critical to tomorrow's workforce," LSSU President Dr. David Travis, said in a written statement. "We are particularly proud that more than 80% of LSSU's graduates remain in Michigan, many choosing to reside in the eastern Upper Peninsula of Michigan. These findings confirm that we not only educate students but also drive economic growth and meaningful returns on state investment."
The full report is available upon request.
Here are a handful of key findings:
• Total economic impact: LSSU generated nearly $110 million in net new economic activity throughout Michigan in fiscal year 2024.
• Job creation: The university supported approximately 465 new jobs statewide.
• Student contribution: Fall 2024 student enrollment spending contributed nearly $8.3 million in net new economic output.
• Alumni earnings: LSSU alumni earned approximately $388 million in post-tax, in-state earnings, including an estimated $56 million in incremental earnings attributed to salaries stemming from their LSSU degrees.
• Tax revenue: LSSU contributed nearly $39 million in tax revenue to the state of Michigan in fiscal year 2024.