Asheville-Buncombe Technical Community College in North Carolina contributes nearly $400 million to its service area, according to a recent EMSI impact study. That amounts to about 4.4% of the area’s total annual income.
Here’s an excerpt from an A-B Tech news release:
The report concluded that A-B Tech plays a significant role in the local economy and is a sound investment from multiple perspectives. Students benefit from improved lifestyles and increased earnings. Taxpayers benefit from a larger economy and lower social costs. The community as a whole benefits from increased job and investment opportunities, higher business revenues, greater availability of public funds and an eased tax burden.
Other findings included:
- Students see their annual income increase by $162 per year for every credit completed at A-B Tech.
- A-B Tech students generate about $25.1 million annually in higher earnings due to their education.
- A total of 26,479 credit and non-credit students attended the College during the fiscal year. About 81 percent of the students stay in the region initially after they leave A-B Tech, contributing to the local economy.
- Throughout his/her working career, the average A-B Tech student’s discounted lifetime income increases by $5.20 for every $1 invested in college.
- Students see a 23 percent rate of return on their A-B Tech educational investment, recovering all costs (including wages foregone) in six years.
- A-B Tech yields a return on government investment. State and local government allocated about $34 million in support of A-B Tech. For every $1 of this support, taxpayers see a cumulative return of $2.40 over the course of students’ working careers in the form of higher tax receipts and avoided social costs.
You can read more in the Mountain Xpress of Asheville.