#USA #Lakeland #Economic Impact #Florida Polytechnic University #Polk County

Florida Polytechnic University Drives Economic Growth

Recent research underscores the substantial economic influence of Florida Polytechnic University, revealing an annual contribution exceeding $952 million to Florida’s economy. Conducted by the esteemed economist Dr. Rick Harper, the study highlights the university's significant role in enhancing the state’s economic landscape through various avenues such as operational expenditures, capital investments, and the spending habits of its students. The graduates of Florida Poly also emerge as vital contributors to this growth, benefiting from a higher earning potential owing to their specialized skills and education.

Economic Contributions

The university's annual economic activity primarily stems from different aspects:
1. Operational Spending: The daily operations of the university not only support its educational mission but also stimulate economic activities within the community, particularly in Polk County, which receives over $117 million directly.
2. Capital Investments: Investments in infrastructure and facilities improve campus amenities and promote business growth in surrounding areas.
3. Student Expenditures: Students attending the university are active participants in the local economy, spending on housing, food, and entertainment.
4. Graduate Earning Power: The heightened qualifications and skills of Florida Poly graduates significantly enhance their earning potentials, driving up their lifetime earnings and, consequently, their contributions to the economy.

Dr. Harper noted, "Approximately 85% of Florida Poly's economic impact is driven by the high skills and credentials of its graduates, which far exceed their costs of education."

Job Creation and Wage Differential

Florida Poly's economic impact creates jobs and generates notable revenue for local and state governments. The findings of the study reveal:

• - The university sustains around 6,168 jobs, producing a total of $316 million in wages for workers and income to local businesses.
• - Graduates who secure degrees from Florida Poly earn, on average, $48,652 more annually compared to individuals in Florida with only a high school diploma.
• - Positions linked to Florida Poly’s programs pay an impressive $90,235 on average — significantly higher than the statewide average of $48,579 for general employment.

Legislative Support and Future Outlook

President Dr. Devin Stephenson of Florida Polytechnic University emphasized the institution’s role as a powerful economic engine for the state. He reflected on the foresighted decisions made by the legislature in establishing and fostering the university’s growth. According to him, the $125 million generated in annual tax revenue due to the university's economic activities translates to a robust return on the state’s investment in education.

As Florida Polytechnic University approaches the start of the 2025-26 academic year with record enrollment figures surpassing 1,900 students, it reaffirms its vital contribution to the local and state economy while promoting high-value education in STEM fields.

The report sheds light on the $263,885 additional earnings that graduates accrue over their first decade in the workforce compared to their peers with non-STEM degrees from other institutions. This further solidifies Florida Poly’s status as a leader in equipping students for lucrative careers.

In conclusion, the findings from Dr. Harper's study articulate a clear narrative — Florida Polytechnic University is not only an educational institution but also a catalyst for economic prosperity in Florida, demonstrating the profound impact of targeted investment in technology and engineering education.