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Home > BizTimes Daily > Archives > April 20, 2010
Study says Concordia Pharmacy School will provide economic boost to region
Published April 20, 2010 - BizTimes Daily
In addition to helping to address a shortage of pharmacists in southeastern Wisconsin, the creation of the Concordia University School of Pharmacy will have a strong economic impact on the region, according to a new report.
According to a white paper titled “Economic Impact of Concordia University School of Pharmacy,” the new school will create an estimated 101 jobs (direct and indirect), generating up to $8.1 million in additional worker earnings to the Milwaukee region and $956,000 in potential state and local tax revenue.
The report was compiled for the university by Bret Mayborne, economic research director for the Metropolitan Milwaukee Association of Commerce (MMAC).
The report estimates that 60 percent of the 400 students attending the School of Pharmacy will relocate to the region from out-of-state. Spending by the students would represent a net gain in spending into the state and region. Using data from a 2001 U.S. Bureau of Labor research summary on college student spending patterns, out-of-state students would be expected to spend a total of $2.1 million in non-educational expenditures over the course of an academic year.
In addition, the construction of the school’s building also will provide a temporary boost to the region’s job market.
Milwaukee ranks only 15th highest among 21 areas studied in the number of pharmacists per 100,000 population. In addition, only metro Milwaukee and three other metros in the benchmark group do not currently have an operating pharmacy school in their respective areas.
Curt Gielow, the executive dean of the Pharmacy School and the incoming Mequon mayor, said, “The need for a second School of Pharmacy is certainly paramount for Wisconsin, but this economic impact is clearly a significant advantage to the metropolitan Milwaukee area where the economy and jobs picture is needs a shot in the arm.”
