ARCHBOLD, OHIO – Northwest State Community College has long been regarded as a top value in higher education, but the College sought to quantify its economic value through an official economic impact analysis.
The College hired EMSI Burning Glass to conduct the study, and the findings below are from the November 2021 report.
In FY 2019-20, Northwest State added $58.6 million in income to the NSCC service area economy (Williams, Fulton, Defiance, Henry, Paulding and Van Wert Counties), a value approximately equal to 0.7% of the region’s total gross regional product (GRP).
The study looked at two key analyses: Economic Impact and Investment Impact. Some highlights are shared below:
•Operations Spending: NSCC employed 316 full-time and part-time faculty and staff, with payroll amounting to $13.6 million, and another $14.6 million on day-to-day expenses related to facilities, supplies and professional services.
The net impact of the College’s operations spending added $16.5 million in income to the regional economy in FY 2019-20.
•Student Spending: The expenditures of relocated and retained students in FY 2019-20 added $1.6 million in income to the NSCC service area economy.
•Alumni Impact: Thousands of former NSCC students are employed in the NSCC service area, with a net impact of $40.5 million in added income in FY 2019-20.
•Student Perspective: In return for students’ investment in an NSCC education, they will receive $117.5 million in increased earnings over their collective working lives.
This translates to a return of $3.30 in higher future earnings for every dollar students invest in their education. Students’ average annual rate of return is 14.7%.
•Taxpayer Perspective: For every dollar of public money invested in NSCC, taxpayers will receive $2.70 in return, over the course of students’ working lives. The average annual rate of return for taxpayers is 8.3%.
•Social Perspective: In FY 2019-20, Ohio invested $53.2 million to support NSCC. In turn, the Ohio economy will grow by $388.5 million, over the course of students’ working lives.
For every dollar invested in NSCC in FY 2019-20, people in Ohio will receive $7.50 in return, for as long as NSCC’s FY 2019-20 students remain active in the state workforce.
The entire economic impact study is available at NorthwestState.edu/media. Additional information on Northwest State programming, including degree and certificate programs, as well as the “Bachelor’s Bound” transfer pathway, is available online at NorthwestState.edu, or by calling NSCC Admissions at 419.267.1320.
Source: The Village Reporter