Report confirms an area of impact by the college
Investing in an education at Vance-Granville Community College is proving to be mutually beneficial for students and the local economy.
During Monday night’s meeting of the college’s board of trustees, Idaho-based
Economic Modeling Specialists International presented an economic impact study.
Considered desktop economists, EMSI collects and integrates complex data and translates it to simple understanding and application at the local level. The company has conducted 900 such economic impact studies for colleges and universities throughout the U.S. and internationally.
Designed to evaluate VGCC’s contributions to individual students, taxpayers and the regional economy, the study revealed graduates are seeing a return on their investment in education.
Additionally the region benefits from the jobs those graduates produce.
Accumulated credits achieved by former VGCC students over the past 30 years translate to an estimated $271.3 million in added regional income in 2011-2012.
VGCC accounts for 6.4 percent of the overall gross regional product, which measures the value of all goods and services produced in the four-county area.
John Barnes, president of the Henderson-Vance County Chamber of Commerce, said the report confirms how well the college impacts the community.
“The college is extremely important to the economic and social vitality of our community and they are very strong and supportive partner with the Henderson-Vance Chamber of Commerce,” Barnes wrote in an email response. “The study shows that for every dollar students invest in their education at VGCC, they receive almost $8 in cumulative higher future income over the course of their working careers.”
Statistics presented during Monday night’s presentation also showed the local economy receives approximately $22.3 million in net added income each year due to VGCC payroll and operations spending.
Taxpayers benefit greatly from the success of students at VGCC, and see a return rate of 9.3 percent on their investment in the college.
The state also saves an estimated $1.6 million per year from VGCC’s impact on improved health, reduced public assistance, unemployment and crime.
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