The University of Minnesota Duluth (UMD) continues to be a significant economic driver for the region, contributing to the overall prosperity and development of Minnesota. According to a recent independent analysis conducted by Tripp Umbach, UMD contributed $869.9 million economic impact to the region in fiscal year 2024. That’s a nearly $444 million per year increase from the most recent 2018 study, and reflects the institution’s vital role in job creation, economic growth, and community development.

National research firm Tripp Umbach conducted the Economic and Community Impact study, which measured the direct and indirect impact of University of Minnesota activities for fiscal year 2024, to include its role in job creation, economic growth and community development for the state. The University’s overall economic impact in 2024 was $11.5 billion, including supporting more than 89,000 jobs and generating $676 million in state taxes. Findings from the full report were presented to the Board of Regents on Friday, May 9.

Those results yield some compelling data in regard to the how dollars invested into the University come back to impact the state of Minnesota: For every $1 invested in the University of Minnesota, the return-on-investment to the state is $16.75, according to a new independent analysis of the University’s statewide economic impact. 

“For more than 170 years, the University of Minnesota has been a powerful economic engine for our state, driving progress and prosperity across all 87 counties,” said President Rebecca Cunningham. “From the world-class education that prepares our future leaders and workforce, to the innovations and discoveries that help solve society’s greatest challenges, our campuses are designed to positively impact all Minnesotans. As we chart a bold, new path forward, we will continue to support rural prosperity, strengthen partnerships with industry, and ensure our academic programs remain aligned with evolving workforce needs.”

Findings include the economic impact of each of the University’s research and health enterprises, Extension activities and that of alumni — 62% of whom stay in Minnesota after graduation. The report also showcases how each University of Minnesota campus is a major economic driver for its region, including the number of jobs it supports in construction, retail and hospitality and other sectors as well as direct employment by the University.

Duluth Chancellor Charles Nies says this emphasizes the contributions of the institution. “This data shows both the size and strength of the University of Minnesota across that state, as well as the direct and daily impact we have on helping to foster the vibrant communities,” said Nies. “What’s especially exciting to me is that beyond the annual dollar amount, those statistics represent untold downstream impacts that will continue to make a positive impact into the future. The innovation and discovery, the learning, access and opportunity that our students find at the University of Minnesota Duluth are investments that can span years, decades and generations. These are investments in our collective future.”

Report highlights for the northland:

• University of Minnesota Duluth is responsible for $869.9 million economic impact, supporting 7,686 jobs (1,744 direct) and generating $51.3 million in state taxes
• At the forefront of patient care and focused on training the next generation of health professionals, the University of Minnesota’s health enterprise, which includes the Duluth campus, generated a combined $2.6 billion in economic impact and supported more than 17,000 jobs.
• The University’s world-class research enterprise, of which Duluth is a significant contributor, generated $3.9 billion in economic impact, supporting more than 25,000 jobs focused on discovery and innovation.
• Five distinct campuses, but one University of Minnesota degree – the system’s 366,000+ alumni generated $65.9 billion in economic impact in 2024.