A recent EMSI impact study has concluded that Connecticut community colleges have a roughly $5 billion impact every year on the state’s economy.
State government receives returns from its community college support “in the form of increased tax revenue and savings associated with avoided social costs.” Every $1 in taxes invested today in the Connecticut Community Colleges returns a cumulative $16.40 over the course of the students’ working careers. Social benefits that result from support of the community colleges include reductions in unemployment, welfare costs, health care costs, incarceration rates, and criminal justice costs, according to the report.
Associate degree graduates see their annual income increase on average by $231 annually for every credit completed at Connecticut’s Community Colleges. Their annual salary is approximately 39 percent more than someone with no more than a high school diploma, reports EMSI. Average lifetime earnings of the CCC graduate will increase by $8.10 for every dollar they invest in their college education. Over a lifetime, CCC graduates can earn approximately $600,000 or more in additional income as compared to high school graduates.
Enrollment at the state’s 12 community colleges has spiked to more than 50,000. This is the sixth straight year record enrollment has been set.