|Central Alabama Community College has $76.8 M Dollar Impact on Service Area|
AlexCity, AL - A recent studycompleted by Lightcast, a global leader in labor market analytics, on theeconomic impact of the Alabama Community College System, determined thatCentral Alabama Community College had a $76.8 million impact to their servicearea during the analysis year. The lengthy report detailed how CACC impactedmultiple areas of the economy.
A summation of CACC’sdirect impact showed that CACC employed 225 full-time and part-time faculty andstaff. Payroll amounted to $9.8 million, much of which was spent in the regionfor groceries, mortgage and rent payments, dining out, and other householdexpenses. The college spent another $7.2 million on day-to-day expenses relatedto facilities, supplies, and professional services.
The net impact of thecollege’s operations spending added $13.4 million in income to the regionaleconomy in FY 2020-21. Student spending impact Some in-region students,referred to as retained students, would have left the CACC Service Area forother educational opportunities if not for CACC. In addition, around 17% ofcredit students attending CACC originated from outside the region and some ofthese students relocated to the CACC Service Area.
“Central AlabamaCommunity College has a far-reaching impact on our region,” Jeff Lynn,president of CACC stated. “We take great pride inknowing that the college plays a key role in workforce development andemployability in our service area through our educational and training programs.”
Students and alumni of colleges within the Alabama Community CollegeSystem add $6.6 billion to Alabama’s economy, supporting one out of every 27jobs in the state, according to an economic impact report released Monday.
The independent, 102-page report by Lightcast estimates the AlabamaCommunity College System 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.
“The results of the analysis demonstrate that the ACCS is a stronginvestment for all three major stakeholder groups—students, taxpayers, andsociety,” according to the report. “…Students receive a great return for theirinvestments in an education from the ACCS. At the same time, taxpayers’investment in the ACCS returns more to government budgets than it costs andcreates a wide range of social benefits throughout Alabama.”
Alabama’s community college alumni who are currently employed inAlabama’s workforce added $5.7 billon in income during the analysis year. Atotal of 95 percent of Alabama community college alumni remain in the state tolive and work.
“Our legacy centers on helping people develop the skills they need tohelp build the framework of our state’s economy, and the data this reportprovides proves we are on a forward path of excellence in that pursuit,” saidJimmy H. Baker, Chancellor of the Alabama Community College System.
“Residents are receiving a strong return on investment when they investin training at one of our colleges – whether through an adult educationprogram, rapid skills training program, rigorous certification or academictransfer program that allows them to move toward completing a bachelor’sdegree. And, they’re using that training to make a difference right here inAlabama.”
Among the report’s highlights:
· The impact of the Alabama Community College System, which celebrates60 years as a system this year and represents 24 community and technicalcolleges across Alabama, supported 98,923 jobs in FY2021. For perspective, theactivities of the colleges and their students support one out of every 27 jobsin Alabama.
· Taxpayers, who provided the Alabama Community College System with$869.8 million of funding in FY2020-21, will receive an added tax revenuebenefit of $1.1 billion. Additionally, reduced demand for government-fundedservices in Alabama will add another $82.2 million in benefits to taxpayers.
· The ACCS generates $7.40 for every dollar invested in ACCS, for aslong as the colleges’ FY2020-21 students remain active in the state workforce.
· The average Alabama community college graduate earns $7,900 more eachyear than a resident who does not obtain more than a high school diploma.
· The average annual return for Alabama community college students is22.1%.
· The colleges’ operations spending was $535.8 million in added incometo the state economy.
· The colleges’ construction spending was $13.3 million in added incomefor Alabama.
· The jobs retained or created and additional investments by businessessupported by the Alabama Technology Network, an entity of the ACCS, created$206.5 million in added income.
· As a result of the $1.8 billion invested by Alabama to support theACCS, the economy will grow by $12.8 billion over the course of students’working lives.
Lightcast, a global leader in labor market analytics for colleges anduniversities, analyzed data using FY2020-21 academic and financial reports fromAlabama’s community and technical colleges, as well industry and employmentdata from the Bureau of Labor Statistics and Census Bureau.
The full report can be found at www.accs.edu/impact