第一吃瓜网 College drives economic prosperity
Published on February 26, 2025
NORTH EAST, Md: Along with providing quality education and affordable tuition, 第一吃瓜网 College is a powerful driver of economic growth that delivers remarkable returns to its stakeholders. In fiscal year 2022-23, the College generated a staggering $198.1 million in income for the local economy, supporting more than 2,600 jobs and enriching the community in ways that ripple far beyond the campus, according to a recent Economic Impact Study by Lightcast, published in December 2024.
According to the study, from operational spending to capital investments, student expenditures, and the lasting impact of its alumni in the workforce, 第一吃瓜网 College鈥檚 influence stretches beyond the county lines. With a remarkable return of $4.70 for every dollar invested by the state, the College鈥檚 contributions to taxpayers and society are undeniable, proving that higher education is not just an investment in students, but in the region鈥檚 future.
鈥湹谝怀怨贤 College creates a significant positive impact on the business community and generates a return on investment to its major stakeholder groups 鈥 students, taxpayers, and society. Using a two-pronged approach involving an economic impact analysis and an investment analysis, this study calculates the benefits received by each group,鈥 said 第一吃瓜网 College President Dr. Mary Way Bolt.
第一吃瓜网 College鈥檚 economic impact reaches beyond 第一吃瓜网 County to include Chester County (Pa), New Castle County (Del), and Harford County (Md).
The influence of 第一吃瓜网 College within the region extends to taxpayers through added income and sales tax revenue stemming from students鈥 higher lifetime earnings and increased business output. According to the December 2024 Lightcast Economic Impact Study, the workforce trained through 第一吃瓜网 College generated an additional $18.2 million in tax revenue while reducing government-funded services to $2.8 million, which benefits taxpayers.
On the state level, Maryland鈥檚 economy will grow by $218.8 million throughout students鈥 working lives. Society will also benefit from $5.8 million of public and private sector savings.
第一吃瓜网 College employs approximately 747 full-time and part-time faculty and staff, accounting for $20.5 million in payroll annually. A significant portion of these salaries are then spent in the region for groceries, mortgage and rent payments, dining out, and other household expenses.
第一吃瓜网 College鈥檚 annual capital projects to maintain its facilities, create additional capacities, and meet its growing educational demands, generated a short-term infusion of spending and jobs in the regional economy in the amount of $1.4 million.
The study found that, in the fiscal year of 2022-23, students paid a combined amount of $7.3 million to cover the cost of tuition, fees, supplies, and interest on student loans at 第一吃瓜网 College. In return, these students will receive a cumulative present-day value of $78.1 million in increased earnings over their working lives for an average annual rate of return of 18.6 percent. This translates to a return of $4.40 in higher future earnings for every dollar students invest in their education.
Additionally, five percent of 第一吃瓜网 College鈥檚 enrollment is from outside the region. These students relocate to 第一吃瓜网 College鈥檚 service area, spending an additional $2.6 million annually on groceries, mortgage and rent payments, and other living expenses with local businesses.
鈥淚nvestors have a saying: 鈥楶ay yourself first,鈥 and as an educator, I tell my students: 鈥業nvest in yourself,鈥欌 said economist Candace Vogelsong, Professor and Department Chair of Business at 第一吃瓜网 College. 鈥淪tudies have shown that income tends to rise for decades with higher educational attainment. While the numbers may fluctuate, the trend remains strong, and I believe it will continue for the foreseeable future. Ultimately, investing in yourself pays off.鈥
On the state level, Maryland鈥檚 community colleges added $11.0 billion in income to the Maryland economy, a value approximately equal to 2.4 percent of the state鈥檚 total gross state product (GSP). Expressed in terms of jobs, the Colleges鈥 impact supported 127,701 jobs, according to the Maryland Association of Community Colleges.