According to the Presidents Council, State Universities of Michigan, $24 billion is the economic impact Michigan universities are having statewide.
The council did an economic footprint study, compiled by the Anderson Economic Group, and the report analyzed each institution's local spending, earnings and employment. According to the most recent 2012 data, Northern Michigan University accounts for $227 million in spending and supplies about 1,300 jobs, with $123 million attributed to students and $81 million in earnings.
"We help bring residents, as well as people from outside the area, to the local economies," said Gavin Leach, VP Finance & Admin. for NMU.
The study also revealed in 2012 that Michigan Tech pumped $145 million into the economy. The college also employs 1,400 people, making it the largest employer in the Keweenaw.