DENVER – Today, Dr. Nancy McCallin, president of the Colorado
Community College System released a study detailing the economic impact the
Colorado Community College System’s 13 colleges have on their local communities
and on the state as a whole.
This study documents the vital role community colleges play
in the economic future of Colorado and in the lives of the 162,000 students they
enroll. Highlights of the study found that the state-wide, total economic
impact of the 13 colleges in the Colorado Community College System is $3.01
billion annually. This number represents the higher earnings that students
earn, as a result of the education they receive from a community college and the
increased output of businesses because of the highly trained workforce from the
Colorado Community College System. In addition, for every $1 students invest in
their education within the Colorado Community College System, on average, they
see an increase of $3.10 in their working careers. On an annual basis, after
adjusting for inflation, students receive an 11% rate of return on the money
they invested in their community college education. State and local
governments will see, on average in today’s dollars, a rate of return of 5.9%,
as a result of their investment in the 13 colleges in the Colorado Community
College System.
“The results of this study clearly demonstrate the value of
community colleges to the students, the taxpayers, and businesses in Colorado.
As our students earn their higher education, they become more employable, they
are paid better, and can then afford to invest in the kinds of products and
services to improve their lives,” said McCallin. “Additionally, businesses
benefit by having higher skilled employees, thus enabling them to grow, hire
more employees, and strengthen the economy.
“We are pleased that the results of the study show that
community colleges are a wise investment of taxpayer and student money because
the return is substantial,” she added. “There is the added benefit of community
colleges offering educational opportunities for individuals who otherwise might
not have them because of our affordability, accessibility, and
flexibility.”
At Northeastern Junior College, the total economic impact was
$107.691million. For students, for every $1 they invest, on average, they see
an increase of $3.70 in their working careers. On an annual basis, after
adjusting for inflation, students receive a rate of return of 13.3% on the money
they invested in their community college education. State and local governments
see, on average in today’s dollars, a rate of return of 6.9%.
“Even though I am relatively new to Colorado, it has been
very obvious to me that Northeastern Junior College has an important and
significant economic presence in this part of the state” said Jay Lee, President
of Northeastern Junior College. He began his tenure as president of the state’s
largest residential two year college this past March. “The results of this study
confirms the college’s role in being an economic engine in northeastern
Colorado. It’s a responsibility that those of us who work for NJC do not take
lightly. What we do and how successful we are impacts this whole corner of the
state and we will strive to maintain this level of success for the
region
The study was done by Economic Modeling Specialists, Inc.
(EMSI). EMSI is a professional service firm that provides economic consulting
to colleges. Since 2000, EMSI has produced over 1,100 economic impact studies
for many of the community colleges in the U.S.
The Colorado Community College System
comprises the state's largest system of higher education, serving more than
162,000 students annually. CCCS oversees career and
academic programs in the 13 state community colleges and career and technical
programs in more than 160 school districts and six
other post-secondary institutions. The colleges in the Colorado
Community College System are Arapahoe Community College, Colorado Northwestern
Community College, Community College of Aurora, Community College of Denver,
Front Range Community College, Lamar Community College, Morgan Community
College, Northeastern Junior College, Otero Junior College, Pikes Peak Community
College, Pueblo Community College, Red Rocks Community College, and Trinidad
State Junior College.
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