Economic impact study shows value of CCCC
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SANFORD - Central Carolina Community College and its students added $229.4 million in income to the college's service area economy in Fiscal Year 2012-13, according to preliminary data from a new statewide economic impact study.
The $229.4 million in income is approximately equal to 3.4% of the Gross Regional Product, according to the draft report. The total income includes the college operations impact ($36.1 million -- payroll amounted to $29.8 million, much spent in the CCCC service area, and $18.1 million for day-to-day operations), student spending impact ($1.5 million from the 1.6% of students who relocated to the region), and alumni impact ($191.8 million of accumulated contribution of former students currently employed in the state workforce).
Julian Philpott, chairman of the CCCC Board of Trustees, said of the report, "I am very excited to see that the Economic Benefit Fact Sheet on CCCC verifies that every dollar invested in CCCC provides a significant return to CCCC's students, the taxpayers in its service area, and the citizens of North Carolina. From both an economic impact and an investment standpoint, CCCC has clearly demonstrated that it continues to provide outstanding value to its students and the communities it serves."
The N.C. Community College System, in collaboration with the UNC-General Administration and the N.C. Independent Colleges and Universities, contracted with Economic Modeling Specialists Intl. to conduct an economic impact study of higher education in North Carolina. Extensive data was collected from multiple sources. Each community college received a two-page fact sheet.
The draft report shows that for every $1 spent, $2.30 is gained in lifetime income for students, $8 is gained in added state income and social savings for society, and $3.60 is gained in added taxes and public sector savings for taxpayers.
In addition, the draft report shows that the added income created by CCCC and its students supported 5,042 job equivalents -- college operations impact equals 1,137 job equivalents, student spending impact equals 34 job equivalents, and alumni impact equals 3,872 job equivalents.
Other key points of the draft report include the return on investment to students, society, and taxpayers:
- Student perspective: "CCCC's 2012-13 students paid a total of $9.4 million to cover the cost of tuition, fees, books, and supplies. They also forwent $89 million in money that they would have earned had they been working instead of learning. In return for the monies invested in the colleges, students will receive a present value of $229.3 million in increased earnings over their working lives. This translates to a return of $2.30 in higher future income for every $1 that students invest in their education. The average annual return for students is 12.1%."
- Social perspective: "Society as a whole in North Carolina will receive a present value of $1.1 billion in added state income over the course of the students' working lives. Society will also benefit from $32.1 million in present value social savings related to reduced crime, lower unemployment, and increased health and well-being across the state."
- Taxpayer perspective: "The net present value of the added tax revenue stemming from the students' higher lifetime incomes and the increased output of businesses amounts to $99.9 million in benefits to taxpayers. Savings to the public sector add another $11.1 million in benefits due to a reduced demand for government-funded services in North Carolina."
Over the past few years, CCCC has experienced tremendous growth and now serves over 7,000 curriculum students a year.
For information on Central Carolina Community College, visit the website www.cccc.edu.
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