The Presidents Council, State Universities of Michigan released the report, written by the Anderson Economic Group.
According to the report, the 15 universities accounted for $12 billion in earnings in Michigan last year. It said that the schools' 1.3 million alumni who live in the state earned $47 billion in wages and salaries in 2012.
Michigan has 300,000 public university students, sixth in the nation even though Michigan rank's ninth in population, the report said. It said that enrollment grew 5 percent between 2003 and 2012, despite a stagnant state population and large cuts in state support for higher education.
"This report shows our universities are important contributors to jobs and prosperity in our state," said Glenn D. Mroz, president of Michigan Technological University and chairman of the council. "Whether it's the salaries earned by professors, our investment in new buildings needed to keep up with student demand, or the earnings of our graduates, it's clear that public universities are vital to every one of Michigan's 83 counties."
The report said the $24 billion economic effect of the universities comes in three areas — payroll spending, non-payroll spending and student spending. It said payroll spending contributed $7 billion directly and $3 billion indirectly. Non-payroll spending contributed $3.1 billion directly and $3.5 billion indirectly, while student spending contributed $4.3 billion directly and $3.1 billion indirectly, the report said.
Presidents council: http://www.pcsum.org