Economic Impact
| Economic Impact Study |
- Results released by N.C. Community
College System in January 2005
- Funded by the Association for Community
College Trustees (ACCT)
- Included all 58 N.C. community colleges
- Conducted by CCbenefits, Inc., a highly-respected
national economic research firm that
provides economic analysis services to
2-year technical and community colleges
- Findings based on Fiscal 2003 figures
|
| Four types of benefits tracked |
- Regional economic benefits (contributions
to local job and income formation)
- Higher earnings by exiting students
- Broad social benefits (improved health,
reduced crime, lower welfare, and unemployment)
- Return to taxpayers
|
| ECC stimulates the local economy |
- College operating expenses – $17
million
- Amount spent in Edgecombe County – $13
million (74%)
- 190 full-time and 65 part-time faculty
and staff
- Wages, salaries, & benefits
= $10 million
- For every $1 in earnings, an additional
$0.32 in earnings is generated off campus
- Local workforce embodies more than
1.6 million credit and non-credit hours
of past & present ECC training
- Workforce skills gained at ECC increase
output of Edgecombe County industries
by $157 million
- Indirect effects in other industries
increase sales by $69 million
Workforce skills gained at ECC increase
Edgecombe County earnings by:
- $54 million directly
- $26 million indirectly
|
| ECC leverages taxpayer dollars |
- For every $1 appropriated by state
and local government:
- ECC’s spending generated
$1.61 in earnings in Edgecombe
County
- Student earnings will increase
by $0.88 per year for every year
in the workforce
- For every state dollar appropriated:
- Edgecombe County will see social
savings of $0.38 per year
|
| ECC generates a return on government
investment |
- Through tax receipts (from increased student
wages) and avoided costs (reduced public
expenditures on incarceration, for
example):
- State and local support will
be fully recovered in 5.5 years
- State and local support will
see a 24.5% rate of return
|
| ECC increases earning potential
of students |
- 10,654 credit & non-credit students
attended ECC in Fiscal 2003
- 62% employed full-time or part-time
- 90% remain in area initially following
ECC education
- Average ECC student will spend 35
years in the workforce
- An individual with 2-year degree will
earn $168,598 more than someone with
a high school diploma
- ECC students enjoy an 18% rate of
return on their ECC educational investment
- ECC students recover all costs of
attending, including foregone wages,
in 7.8 years
|
| Education increases lifetime
earnings |
- Average annual earnings with 2-year
degree
- 112% higher than those without
high school diploma
- 36% higher than those with
high school diploma
- Average annual earnings with 1-year certificate
- 80% higher than those without high
school diploma
- 16% higher than those with high
school diploma
|
Tarboro: (252)
823-5166  2009
W. Wilson St. Tarboro, NC 27886
Rocky
Mount: (252) 446-0436 225 Tarboro St. Rocky Mount, NC 27801 |
