CCC’s Total Economic Impact Near $450 Million
September 26, 2022
Central Community College added $442.1 million in income to its 25-county service area’s economy. That’s according to an economic impact analysis of fiscal year (FY) 2020-21, which found that the $442.1 million is approximately equal to 2.3 percent of the region’s total gross regional product.
CCC’s impact supported 6,247 jobs and the activities of CCC and its students support one out of every 33 jobs in the service area. Some of the jobs supported (by industry) include 797 in health care and social assistance, 620 in retail trade, 600 in manufacturing, 495 in construction and 620 in other services.
The study also looked at the return-on-investment for taxpayers, students and society.
The total investment made by CCC’s over 17,000 credit and non-credit students in 2020-21 in out-of-pocket expenses and forgone time and money amounted to a present value of $39.7 million. However, for each dollar students invested in their CCC education, they are estimated to receive a cumulative value of $5.30 in higher future earnings.
The total benefit to society is $704.7 million or $5.60 for each dollar invested. The societal benefit is comprised of additional student income, added income from college activities, added business income and social savings related to improved health, less crime and state income assistance.
“I am very pleased that through our CCC employees, daily operations, construction projects, students and alumni, we provide such a positive impact on investments and that students and alumni are seen living in Nebraska communities and working in the local industries of Central’s region,” said CCC President Dr. Matt Gotschall.
CCC’s $49 million payroll for 777 full-time and part-time employees that year was spent primarily in the service area for mortgage and rent, utilities, groceries, transportation and other household expenses. CCC’s alumni also had a tremendous impact. The increased earnings of CCC alums and the businesses they work for added $379 million in income.
The total taxpayer benefits amounted to $60.1 million, $55.3 million of which came from state and local government tax collections. The remaining dollars came from public sector savings in the form of savings generated by the improved lifestyles of CCC students and corresponding reduced need for government assistance.
“We regularly hear the human stories of positive impact from individual students and alumni, so these types of data-rich studies allow us to also see our fiscal impact, and put it into dollars and cents, that Central Community College contributes positively to central Nebraska’s economy,” said Gotschall.
The economic impact analysis was conducted by EMSI Burning Glass, a private labor market data firm serving clients in the U.S. the U.K. and Canada. To see the entire report, please click here.