BIG RAPIDS, Mich. -- An independent economic impact study reveals that Ferris State University generated an economic impact of more than one-billion dollars in 2024.

The study was released by the Michigan Association of State Universities and completed by the Anderson Economic Group. It says that the state's public universities produced a nearly $45 billion economic impact. Ferris State's direct impact was nearly $760 million.

More details are provided in a Ferris State news release:

The study, completed by the Anderson Economic Group, revealed Michigan’s 15 public universities are a powerful and diverse economic force, generating nearly $44.9 billion in net new economic activity each year, supporting more than 129,000 jobs, and contributing over $7 billion in state tax revenue.

In 2024, the direct impact of Ferris State in Michigan was nearly $760 million. As this money is spent and re-spent in the economy, it generated another $309 million, according to the study. The total net impact was estimated to be $1.07 billion.

“Ferris State is a strong driver of Michigan’s economy, both through our more than $1 billion annual economic impact and through the graduates we prepare to lead and succeed in today’s workforce,” Ferris State President Bill Pink said. “Ninety-two percent of our graduates choose to build their lives and careers right here in Michigan, strengthening our communities, supporting local employers, and keeping their talent and earnings in our state. Employers actively seek out Ferris State alumni because of their hands-on skills and career readiness, and the result is a stronger workforce and a stronger Michigan.”

The study reinforces findings from last year’s Carnagie Classifications, which selected Ferris State with the elite “Opportunity University” designation, noting Ferris State grads earn more than people graduating from peer institutions.

Ferris state has hands-on, career-focused programs created in partnership with industry leaders, giving students a clear pathway to in-demand careers with numerous programs boasting near-perfect placement rates to go with the higher wages.

The Anderson Economic Group study revealed that in 2024, Ferris State alumni earned about $780 million, $550 of which was estimated to be incremental earnings due to a higher earnings premium stemming from having Ferris State degrees.

The student also showed that Ferris State in 2024 contributed nearly $321 million in tax revenue to the state of Michigan.

Key findings from the overall study show that in fiscal year 2024:

Michigan’s 15 public universities generated nearly $45 billion in net new economic activity, driven by university operations, student spending and alumni earnings. That’s nearly 28 times the state’s 2024 appropriation of $1.6 billion for these institutions.
Public universities supported an estimated 129,311 jobs statewide, including nearly 64,000 net new jobs that would not exist without these institutions. These institutions collectively employed nearly 27,000 faculty and 70,000 staff, the majority of whom work and live locally.
The 1.6 million living alumni of Michigan’s public universities generated more than $15 billion in incremental earnings due to having graduated from one of these institutions.
University-related economic activity produced more than $7.1 billion in state tax revenue, from personal income tax, sales and use tax, and transportation tax paid by employees, students and alumni living in Michigan.
Michigan public university graduates earn nearly twice as much as peers without a college degree, averaging $91,073 for ages 25–34, compared to $46,272 for high school graduates.

Research Universities for Michigan shared additional analysis highlighting the distinct role of Michigan’s four R1 research universities — Michigan State University, Michigan Technological University, the University of Michigan, and Wayne State University — as statewide economic and innovation assets whose collective impact extends to every county in the state.

According to recent data from the National Center for Science and Engineering Statistics, Higher Education Research and Development Survey, RU4M institutions conducted more than $3.46 billion in academic research, attracting billions of dollars in federal and industry research funding from outside the state.

Anderson Economic Group completed the analyses using fiscal year 2024 data. The scale of Michigan’s public university impact is hard to overstate. To put it in context, some of the most visible economic forces in entertainment and sports generate huge activity — yet still don’t match the annual economic contribution of Michigan’s public universities.

For example, Taylor Swift’s Eras Tour was estimated to generate roughly $9 billion in economic activity over two years across 19 nations, and the NFL’s total revenues topped $23 billion in 2024, driven by media rights, sponsorships, and game-day activity.

“These findings make clear that Michigan’s public universities are not just educating students — they are fueling the state’s economy, strengthening communities and positioning Michigan to compete nationally and globally,” said Rick Koubek, president of Michigan Technological University and chair of the MASU Board. “Whatever the need, Michigan has a public university to meet the challenge.”

Business and industry leaders say the findings reinforce what employers experience every day.

“Every day, Michigan’s hospitals and other health care enterprises work side by side with public universities to train the doctors, nurses, and health care professionals our communities rely on,” said Brian Peters, CEO of the Michigan Health & Hospital Association. “Those same partnerships also drive research that leads to new treatments and better care, strengthening both our workforce and the health of Michigan families.”

Technology and innovation leaders echoed the importance of sustained investment in higher education. “Michigan’s ability to compete in the digital economy depends on a strong partnership between universities and industry,” said Ronia Kruse, president and CEO of Optech Solutions and co-founder of Digital Lakes. “Our public universities are producing the talent and ideas that help companies grow, innovate and stay rooted in Michigan.”

The release of this study comes as state policymakers begin work on the 2026 legislative session and budget process, underscoring the role of public higher education as a high-return investment in Michigan’s workforce, research and development ecosystem, and long-term economic competitiveness.

“This study underscores a simple truth,” said Koubek, of Michigan Tech. “Investing in Michigan’s public universities isn’t just good education policy — it’s smart economic policy.”

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