College students and alumni in the Alabama Community College System add $6.6 billion to the Alabama economy which supports one of every 27 jobs within Alabama, according to the economic impact report, which was released Monday.
A 102-page independent study from Lightcast estimates that the Alabama Community College System directly affects 98,923 jobs across the state, which is about 2.7 per cent of Alabama’s state product. In addition, taxpayers will get a net gain from $1.1 billion in tax revenues from the students’ more lucrative lifetime earnings as well as the increase in production to businesses.
LBW Community College participated in this study to assess what impact the College has on the area of its service.
“The findings of the analysis show that LBW is a solid investment and an asset for our students taxpayers, as well as the community,” said Dr. Brock Kelley, LBW Community College President.
For every $1 you invest at the LBW, students earn $9.20 in lifetime earnings. taxpayers earn $2.30 in tax revenues and savings to the public sector and the society earns $10.50 in additional savings and income.
The average associate degree holder from LBW will earn an increase in income by $7,600 a year, as compared to a person with an education degree from a high school in Alabama.
Average annual returns for LBW pupils averages 22.8 percent.
Its impact on the Alabama Community College System, which is celebrating 60 years as a system in the year ahead and includes 24 technical and community colleges across Alabama and supported 98,923 jobs in FY2021. To put it in perspective, the work associated with the institutions and students help support one each 27 job opportunities in Alabama.
Lightcast is a pioneer in the field of labor market analytics for universities and colleges, has analyzed data based on FY2020-21 academic and financial report from Alabama’s technical and community colleges, in addition to the employment and industry data taken from Bureau of Labor Statistics and Census Bureau.
“This report is a celebration of the huge impact we’re having on the communities we serve,” Kelley said President Kelley added. “The effect of alumni is the same economic benefits as being the host of an event like the Major League World Series along with an additional income of $47.9 million per year to our economy.”
The alumni of Alabama’s community colleges working in the workforce of Alabama earned $5.7 billion in earnings in the study year. The majority of Alabama community college alumni are in Alabama to work and live.
“Our legacy is based around helping people build the necessary skills to build the foundation of our state’s economy and the information in this report proves that we’re on a direction in this goal,” said Chancellor of the Alabama Community College System Jimmy H. Baker.
“Residents receive a substantial ROI when they choose to train through one of the institutions whether it’s through an adult education or an intensive skills training program and a rigorous certificate and academic transfer plan that lets them progress towards completing an undergraduate degree. They’re also using their training to change the world in the state of Alabama.”
The article The LBW release economic impact information was first published in The Andalusia Star-News.
