EMSI/CCbenefits has just completed a major study of the socioeconomic impact of Maryland’s community colleges, commissioned by the Maryland Association of Community Colleges. The project included individual studies for 14 participating institutions, in addition to an aggregate report highlighting the impact of the system as a whole.
While EMSI’s policy is not to release specific results from its clients’ studies, this study did find that the Maryland system of 2-year colleges yields a significant return on investment and positive benefit/cost ratio to its students and to state taxpayers.
EMSI’s comprehensive socioeconomic impact (SEIM) study detailed several benefits of Maryland’s colleges:
- Economic impact of colleges’ operational spending and out-of-region student/visitor spending in their local economies;
- Economic impact of increased student earnings attributable to their education (EMSI studies frequently find that this is a very large and often ignored component of a college’s impact); and
- Social savings (health, employment, lifestyle choices) statistically attributable to postsecondary education.
EMSI/CCbenefits SEIM studies treat education as an investment for students and taxpayers alike, and include an investment analysis from both perspectives.