Florida Polytechnic University contributes more than $952 million in annual economic activity to the state, according to a new study by economist Rick Harper.
Florida Poly, located in Lakeland, is the state’s only public institution dedicated exclusively to science, technology, engineering and math disciplines. The school has been ranked the No. 1 public college in the South for five consecutive years by U.S. News & World Report.
The university is also among the schools with the highest-value degrees based on cost, with a return on investment of 163%, according to an analysis by EDsmart.
Harper’s analysis found that the STEM-focused university adds more than $523 million each year to Florida’s gross domestic product, including about $117 million within Polk County.
The university’s economic activity stems from several key sources, including operational spending, capital investments and student expenditures in the community. Harper’s report credits about 85% of that impact to the higher earning potential of Florida Poly graduates, whose technical skills and credentials drive wage growth across the state.
“Florida Poly offers excellent value for monies expended to operate the University, yielding benefits well in excess of costs to students and the taxpayer alike,” Harper said in the report.
“The legislature showed foresight in committing resources to establish Florida Poly and encourage its growth,” he added. “Its merit can be seen in the large economic impact per student that is driven primarily by excellent wage differentials versus competing programs.”
According to the study, Florida Poly graduates earn an average of $48,652 more per year than Floridians with only a high school diploma, which represents the largest income gap among all universities in the State University System.
The report also found that the university’s activities sustain 6,168 jobs and generate $316 million in wages and business income across Florida. At current enrollment levels, the university’s economic impact contributes more than $125 million annually in federal, state and local tax revenue.
Jobs most associated with Florida Poly degree programs pay an average of $90,235 per year, compared to the statewide average of $48,579. Over a 10-year period, graduates earn an estimated $263,885 more than those with non-STEM degrees from other State University System institutions.
“Florida Poly was established to serve as a powerful economic engine for our state, and this study clearly shows that mission in action,” Florida Poly President Devin Stephenson said. “Our impact reaches far beyond campus, delivering exceptional value and a remarkable return on the state’s investment in this University.”