An education is an investment that, if spent wisely, will give back to both society and the individual student. That’s what Gateway Technical College’s recent economic impact study conducted by EMSI showed.
In a recent news release, Gateway announced that the results of their EIS determined an impact of $933.2 million in income to the college’s regional economy during the 2012-13 fiscal year alone. No mere chicken feed.
Gateway partners with local businesses and industries such as Snap-on-Inc. and Kenall Manufacturing Inc. in order to give back to investors (students and taxpayers alike) and to encourage a flourishing workforce. Data from the EIS showed that the college’s efforts have not been in vain.
More key findings include the following:
- Taxpayers see an annual return of 10.6 percent on their investment in Gateway.
- The accumulated contribution of former students now employed in the regional workforce amounted to $859.9 million in added income during the analysis year.
- Gateway’s 2012-13 students will receive an average annual rate of return of 26.7 percent on their investment in college, which will continue throughout their working lives.
- On average, Gateway’s 2012-13 students will receive a cumulative $7.50 in higher future income for every $1 they invested in their education.
- The average annual return on investment for students is 27 percent.
- Overall, the added income created by Gateway and its students supported the equivalent of 20,818 jobs.
Although some would prefer the money in the form a personalized check, the numbers show the significance in the return of investment for an education at Gateway. As board chairman Greg Olsen said in an article by the Kenosha News: “The college has made an important impact on the community. Some of the community doesn’t always realize the impact it has made. When you hear these results, you begin to realize what a gold mine we have in Gateway.”