A new impact study completed by EMSI shows that Germanna Community College in Virginia contributes $241.2 million every year to the regional economy. The college has three locations — Culpeper, Fredericksburg, and Locust Grove — and its impact is 2.1 percent of the area’s total annual income.
President David Sam presented the findings of Economic Modeling Specialists Inc. at a board meeting yesterday, saying they could be used to urge businesses and donors to invest in the college.
“It could demonstrate that there is return on investment, that we are a good steward of the resources, that we are making a difference in the community,” Sam said.
Because most students are from the area, just $34,000 comes from spending by students who live outside the region.
According to the study, the college affects the local economy in three ways:
Local purchases, including wages paid to faculty and staff.
Spending by out-of-region students.
Students’ contributions to area income with their education and work-force skills.
About 95 percent of Germanna students stay in Virginia and contribute to economic growth. The study says the state saves $235,900 in avoided social costs each year, with savings in health, law enforcement, welfare and unemployment.