Socioeconomic impact of Tri-County Technical College

socioeconomic impact of

Tri-County Technical

College

Investment Analysis• Student perspective

• Social perspective• Taxpayer perspective

Regional Analysis• College operations spending• Student spending• Past student productivity

c o l l e g e o p e r a t i o n s

s t u d e n t s p e n d i n g

p a s t s t u d e n t p r o d u c t i v i t y

• Direct income of faculty and staff

• Associated multiplier effects

• Net of alternative use of funds

c o l l e g e o p e r a t i o n s

$20.0 millionnet contribution to regional income

c o l l e g e o p e r a t i o n s

• Spending by students from outside the region

• Associated multiplier effects

s t u d e n t s p e n d i n g

$390,900net contribution to regional income

s t u d e n t s p e n d i n g

• Higher income of students still active in the workforce

• Associated multiplier effects

p a s t s t u d e n t p r o d u c t i v i t y

$253.4 millionnet contribution to regional income

p a s t s t u d e n t p r o d u c t i v i t y

s t u d e n t p e r s p e c t i v e

s o c i a l p e r s p e c t i v e

t a x p a y e r p e r s p e c t i v e

• Benefits—present value of increased future income

• Costs—tuition, fees and opportunity cost of time

s t u d e n t p e r s p e c t i v e

Costs $51.7 million

Benefits $312.8 million

s t u d e n t p e r s p e c t i v e

21.3%return on investment

s t u d e n t p e r s p e c t i v e

6.04benefit/cost ratio

s t u d e n t p e r s p e c t i v e

A s s o c i a t e s D e g r e e g r a d u a t e s w

i l l . . .

than someone with no HS diploma or GED

earn $9,600 more

• Earn an average of$34,400 per year, 38.7%more than someone with no HS diploma or GED

• Over their future careers,

• Education is statistically correlated with improved lifestyles

• This translates into medical, crime and unemployment savings to taxpayers

s o c i a l p e r s p e c t i v e

Medical $964,200Crime $795,600Unemployment $197,300

$2.0 millionannual savings

s o c i a l p e r s p e c t i v e

• Benefits—added tax revenue and avoided costs to government

• Costs—state and local government funding

t a x p a y e r p e r s p e c t i v e

Costs $20.9 million

Benefits $69.3 million

t a x p a y e r p e r s p e c t i v e

14.7%return on investment

t a x p a y e r p e r s p e c t i v e

3.31benefit/cost ratio

t a x p a y e r p e r s p e c t i v e

So what does all

this mean?

Tri-County Technical

College

• Enriches the lives of students

• Contributes to the growth of the economy

• Reduces the demand for social services

• Generates government revenue

• Increases students’ lifetime income