RCC’s Total Economic Impact Tops $100 Million Annually
Richmond Community College (RCC) delivers a solid return on investment according to a study conducted by Economic Modeling Specialists International (EMSI).
The study found that the overall impact on the local business community during the 2012-13 analysis year was $104.3 million: the sum of the college’s $17.3 million operations budget and the $86.8 million alumni impact. RCC’s economic impact is equal to approximately 5.3% of Richmond and Scotland counties gross regional product.
“Anecdotally, we have always known that RCC is a key driver of the region’s economy, putting money back into the marketplace not only through the job skills that we provide to our students but through the wages we pay our employees and the local companies with which we do business,” said RCC President Dr. Dale McInnis. “What this study does is quantifies the return that taxpayers and citizens are getting for their investment in Richmond Community College and our students.”
The study also looked at the investment and return from a student perspective. It found that an average RCC graduate earned $8,300 more per year than someone with just a high school diploma or equivalency. Over a lifetime, that equates to nearly $300,000 in higher income for an RCC graduate.
The study found that taxpayers received a benefit of $60.1 million in added taxes and public sector savings. For every $1 of public money invested in RCC, taxpayers receive a cumulative value of $4.40 over the course of the students’ working lives for an average annual rate of return of 15.3%.
“This study verifies what we have known all along: our college is a good investment for our students, taxpayers and society as a whole,” said McInnis. “Education and training for current and future jobs is key to growing Richmond and Scotland counties and I am proud of the work that we have done.”
VIDEO: RCC President Dr. Dale McInnis presents economic impact study data to local legislators