BHSU creates significant economic impact in the region

Author: BHSU Communications/Tuesday, January 31, 2017/Categories: 2017

 A recent study finds that Black Hills State University creates $258 million annually in the state of South Dakota, a significant economic impact for the community and region. According to the new study, BHSU students contribute approximately $23 million to the South Dakota economy through their day-to-day living expenses.

Black Hills State University creates $258 million annually in the state of South Dakota, a significant economic impact for the community and region.

According to the new study, BHSU students contribute approximately $23 million to the South Dakota economy through their day-to-day living expenses. (This amount does not include tuition and fees that students pay.)

In addition, BHSU, which is the second-largest employer in Spearfish, directly supports 436.9 jobs in South Dakota and more than 2,000 full-time jobs result from the economic activity.

The study, which was completed for the South Dakota Board of Regents and includes details on each of the state's universities, indicates that BHSU generates approximately $258 million of annual economic impact to the state of South Dakota. Dr. Tom Jackson, Jr., BHSU president, notes that the rate for return for the state of $258 million on the initial $8.8 million investment in BHSU is nearly 30 times.

"The state of South Dakota has a great return on their annual investment in Black Hills State University," Jackson said. "In addition to the spending impact and job creation, BHSU is also positively impacting the state and region by continuing to graduate a record number of students."

More than 600 students graduated from BHSU last year, many of whom are now part of the state's workforce in a variety of jobs.

The study also indicated that BHSU acquired $3.2 million in federal grants and contracts. The Spearfish Economic Development Corporation (SEDC) also noted the impressive impact of BHSU.

SEDC and our Board of Directors commends the BHSU leadership for their successes and specifically for their vision to enhancing programs such as biomedical research, the BHSU Underground Campus at Sanford Lab, state-of-the-art laboratory facilities, and growing student involvement at Sanford Lab," said Larry Klarenbeek, interim executive director for the Spearfish Economic Development Corporation. "Spearfish and the region truly value the contribution of students, faculty and staff in making us the community of choice."

Randy Schaefer, president of the South Dakota Board of Regents, said. "We were amazed to learn that the statewide impact of the public higher education system on South Dakota's economic growth and well-being has grown by 35 percent in six years."

Both the newest study and an earlier study from 2010 were conducted by lead researcher Michael Allgrunn, associate professor of economics at the University of South Dakota's Beacom School of Business. The research work was sponsored by the South Dakota Board of Regents and the South Dakota Chamber of Commerce & Industry.

"The economic impact of our public universities is quite significant we think many people will be surprised at just how significant," Schaefer said.

Complete details of the economic impact report are available on the SD Board of Regent website www.SDBOR.edu.
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