The Purdue University College of Veterinary Medicine produces an economic impact on the state valued at hundreds of millions of dollars, a study conducted by Purdue Extension’s Community Development Program has found. The college and its alumni had a significant impact on the Indiana economy through direct and indirect economic output and by generating good paying jobs, according to the study. Collectively, the college and its alumni had a total economic output of $476.9 million in 2014, the most recent statistics available.
The study found nearly half of the output, $219.2 million, was derived from increased economic activity from the initial direct expenditures. The college and its alumni contributed a net of $311.4 million to the state’s gross domestic product.
“$476.9 million. That’s a big amount, even in today’s world,” said Willie Reed, dean of the College of Veterinary Medicine and professor of veterinary anatomic pathology. “Measuring our economic impact, in the context of the state that gave us our land-grant charter, is an important part of telling our story. The information provided by this study reflects our contributions to the overall health of our state and nation.”
More than 60 percent of Indiana’s veterinarians and 30 percent of the state’s registered veterinary technicians are Purdue alumni, according to the study. More than half of all Indiana households own a pet, and 40 percent of pet owners visited a veterinarian at least once in the past year.
Beyond companion animals, the state has approximately 22,400 farms producing livestock, poultry and related products valued at $3.68 billion. The study noted that Indiana ranks first in the nation in duck production, third in egg production, third in turkey production and fifth in swine production.
In addition to the number of Purdue alumni who are veterinarians and veterinary technicians, the Indiana State Veterinarian and 16 of 17 staff veterinarians at the Indiana State Board of Animal Health are graduates of the college, the study stated.
The study’s other key findings include:
* The economic output of the college itself was $220.2 million in 2014. Slightly more than half of the college’s total output contributed to Indiana’s GDP.
* The college’s alumni who are veterinarians and veterinary technicians in Indiana spurred $136.1 million in additional economic activity in the state, producing an economic footprint of $256.7 million, of which 76 percent contributed to the state’s GDP.
* The combined effects of the college and its alumni supported an additional 1,749 jobs paying approximately $52,400 per worker.
* Every 10 jobs directly related to the college, and its alumni, supported an additional eight jobs at other Indiana businesses in 2014. The employment multiplier, the ratio of total employment to direct employment effects, was 1.83.
* Alumni who are veterinarians generated $113.6 million in increased economic activity and supported 868 jobs through indirect or induced effects.
* Economic activity generated by the college and its alumni produced an estimated $28.6 million in state and local government tax revenues and $46.7 million in federal government collections in 2014.