It’s often thought that communities put their tax dollars into the community college system and that contribution is a cost that benefits society. In a day in age where student debt levels are being discussed in Congress and nightly news shows it’s important to take a close look at the reality of the situation.
In the Community College sector a study has revealed that the debt and costs to a local community might not exactly be a negative cost at all. A consultant group called Economic Modeling Specialists performed a study on the state of Colorado’s community college system.
The study looked at the Community College economic impact and what potentially the state of Colorado and it’s residents were either losing or gaining from funding the education system. There were 13 community colleges that were analyzed in this study in the state of Colorado. The person that initiated the study is Nancy McCallin who is the president of the Colorado Community College System.
Results of Community College Economic Impact Study in Colorado:
The entire state of Colorado’s community college system was studied for the economic impact on citizens and business growth. This included every single student that went to community college in Colorado which came out to about 162,000 students in the entire state. After going through classes in their local CO Community College the students were part of a trained workforce in Colorado and were shown to impact the state nearly $3.01 billion dollars.
In an interview with 9 News in Colorado Ms. McCallen said that, “To put that in perspective, that would be equal to creating almost 56,000 jobs at today’s average annual salaries. It has a very large impact at a time when nationally and within the state, the economy has been trying to recover from a recession.”
The public Universities like University of Colorado and Colorado State University weren’t included in the study. What this really shows is that even the 2-year community colleges can have a dramatic economic impact on the communities they serve and add to the economic bottom-line of a state even when hit hard by recession, budget cuts and unemployment.
You can watch a video segment from 9News.com on the Community College Economic Study:
More Stories on the Colorado Community College Impact on Local Economy:
Morgan Community College has $31 million impact in local economy
Colorado community colleges have $3 billion economic impact, study says
Colorado study: Community college really pays off
Front Range Community College contributes $412M to economy