A recent economic analysis reveals that Florida Polytechnic University contributes approximately $952 million to the state’s economy each year. The study, conducted by Rick Harper, a former economics professor at the University of West Florida and ex-senior policy adviser for economic affairs in the Florida Senate, highlights the institution’s significant financial footprint. Of this total, over $523 million flows into Florida’s gross domestic product, with more than $117 million benefiting Polk County alone. The impact stems from university operations, construction projects, student spending, and the enhanced earning capacity of alumni. Notably, around 85% of the economic benefit is tied to graduates’ advanced skills and higher salaries. As the only public university in Florida dedicated exclusively to STEM fields, Florida Poly serves about 1,900 students. Graduates enter careers with average wages of $90,235—nearly double the statewide average of $48,579. These professionals also generate over $125 million annually in tax revenue and support 6,168 jobs, contributing $316 million in wages and business income. Over their first decade in the workforce, Florida Poly alumni earn an estimated $263,885 more than peers with non-STEM degrees from other state universities. Additionally, they outearn high school graduates by $48,652 per year on average—the largest wage gap among all State University System institutions. Harper concluded that the university delivers strong returns on public investment, justifying legislative support for its development.
— news from Lakeland Ledger
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Study: Florida Poly has annual economic impact of $952 million
Florida Polytechnic University creates nearly $1 billion in annual economic activity, according to a newly published study from an outside economist. n nThe Lakeland school had an annual economic impact of more than $952 million, said the study commissioned by Florida Poly and conducted by Rick Harper, a retired economics professor at the University of West Florida. Harper served as senior policy adviser for economic affairs for the Florida Senate from 2012 until 2014. n nFlorida Poly contributes more than $523 million annually to the state’s gross domestic product, including more than $117 million within Polk County, the analysis said. n nThe economic activity includes operational spending, capital investments, student expenditures and the increased earning potential of its graduates, Florida Poly said in a news release. The study attributed about 85% of the economic impact to the high skills, credentials and increased earning power of Florida Poly’s alumni. n nFlorida Poly, the only state university focused on STEM (science, technology, engineering and math), opened in 2014 and now has about 1,900 students. n nThe jobs most associated with Florida Poly degree programs paid an average of $90,235 statewide, the report said, nearly twice the pay of the average job in Florida at $48,579 in 2025. n nAt current enrollment levels, Florida Poly generates annual federal, state and local tax revenue of more than $125 million, Harper reported. n nFlorida Poly sustains 6,168 jobs, generating $316 million in wages to workers and income to businesses, the release said. The school’s graduates earn an estimated $263,885 more over their first 10 career years than those with non-STEM degrees from other State University System institutions. n nThe study found that Florida Poly graduates earn $48,652 more per year on average than workers in Florida with only a high school diploma. That is the largest income differential among all members of the State University System, the release said. n n“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. Its merit can be seen in the large economic impact per student that is driven primarily by excellent wage differentials versus competing programs.”