Students and alumni of colleges within the Alabama Community College System (ACCS) add $6.6 billion to Alabama’s economy, supporting one out of every 27 jobs in the state, according to a recently released economic impact report.
The independent, 102-page report by LightCast estimates the ACCS directly impacts 98,923 jobs in the state, representing about 2.7% of Alabama’s gross state product. Additionally, taxpayers see a net benefit of $1.1 billion in added tax revenue from students’ higher lifetime earnings and increased output to businesses.
Chattahoochee Valley Community College (CVCC) is a part of the ACCS and has been a proud provider of educational opportunities in this area for 50 years.
“Our mission is to educate our students and give them the tools they need to be successful in their careers as well as keep our regional workforce strong by supplying qualified workers,” said Jackie Screws, President of CVCC.
“It’s also important to see the value of education beyond just earning potential. This study gives us concrete numbers as to how beneficial the overall return on investment of education at CVCC really is. This is about our students, our local economy, and our overall economic future here in the Chattahoochee Valley area. Whatever the educational goals are – whether it’s an adult education program, rapid skills training, certification, career and technical education, or an academic transfer program that allows them to move toward completing a bachelor’s degree – we are here to help our students succeed so they can continue to fill the needs of our growing and changing workforce.”
Among the report’s highlights specific to CVCC:
•The College’s total annual impact is $50.7 million in added income or supported 897 jobs.
•The average associate degree graduate will see an increase in earnings of $7,400 each year compared to someone with a high school diploma and $12,000 compared to someone without a high school diploma.
•The net impact of the Colleges’ operational spending added $12.8 million in income to the area’s economy and supports approximately 218 jobs.
•The expenditures of relocated and retained students added $812.3 thousand in income to the service area economy.
•The net impact of former students and alums currently employed in the regional workforce amounted to $37.1 million in added income and support over 662 jobs. This economic boost is similar to hosting the World Series six times!
•For every dollar of public money invested in the College, taxpayers will receive $1.70 in return, over the course of students’ working lives. The average annual rate of return for taxpayers is 2.5%.
LightCast analyzed data from Fiscal Year 2021. The report used data that included academic and financial statements from CVCC and industry and employment data from the Bureau of Labor Statistics and the Census Bureau.
For more information about CVCC, visit www.cv.edu.