Report On Economic Impact Of BCCC | Eastern North Carolina Now

New study highlights contributions of Beaufort County Community College to regional economy


    Beaufort County Community College adds about $99.5 million to the regional economy each year, equal to about 6.2 percent of the total gross regional product of the BCCC service area, according to one newly-released study.

    The study, Demonstrating the Economic Impact of Beaufort County Community College, documents the vital role BCCC plays in the local region and the state's 58 community colleges play in North Carolina.

    A statewide report by Economic Modeling Specialists International of Moscow, Idaho, was commissioned by the North Carolina Community College System, the University of North Carolina and the 36 campuses of North Carolina Independent Colleges and Universities.

    It is the first-ever statewide analysis of higher education's contribution to the state's economy.

    In total, these institutions created $63.5 billion in added economic value during the 2012-2013 Fiscal Year, the year of the study. The study also finds that while taxpayers invested $4.3 billion statewide to support high education in 2012-2013, the return on that investment totaled $17 billion

    A companion local study was commissioned by BCCC. This study analyzes data from the 2012-2013 Fiscal Year, including payroll and operations spending of BCCC together with the spending of its students and alumni.

    "This study shows that beyond the educational opportunities it gives students, it is also a driver of the region's economy and its economic development," said BCCC President Barbara Tansey.

    "As our state and local officials begin to prepare their budgets for the coming fiscal year, BCCC is concerned that additional cuts to the community college system could reduce our ability to not only improve the lives of our students but also benefit the economy of our service area," she said. "BCCC is essential to the economy of our region today and for the future as this study proves."

    "BCCC must continue to have state funding that allows us to open economic opportunities for students and to help move our region towards a brighter future," she said.

    During the analysis year, BCCC spent $11.8 million on payroll and benefits for 494 full- and part-time employees and spent another $8.8 million on goods and services to carry out its day-to-day operations.

    This initial round of spending creates more spending across other businesses throughout the regional economy, resulting in the commonly-referred-to multiplier effects.

    The study breaks down the economic role played by BCCC in three areas — operations spending, student spending and alumni spending — and evaluates the return on investment to students, society and the region's taxpayers.

    It finds the following:

  • The net effect of BCCC's operational spending in the local region during 2012-2013 was about $13 million in added regional income, which is equivalent to creating 497 jobs.
  • The accumulated contribution of BCCC alumni currently employed in the BCCC service area workforce amounted to $86.2 million in regional income added to the BCCC service area economy, which is equivalent to creating 1,571 new jobs.
  • Students attending BCCC during 2012-2013 paid a total of $2.9 million to cover the cost of tuition, fees, books and supplies. In return for the money students invest to earn their degrees, they will receive a present value of $75.9 million in increased earnings over their working lives. This translates to a return of $2.50 in higher future income for every $1 that students invest in their education.
  • For every dollar that society spent on student educations at BCCC during the analysis year, North Carolina communities will receive a cumulative value of $6.80 in benefits for as long as the students attending during the 2012-2013 fiscal year remain active in the state workforce.
  • In the 2012-2013 Fiscal Year, state and local taxpayers paid $11.5 million to support the operations of BCCC. The next value of students' higher lifetime incomes, increased output of businesses and savings due to reduced demand for government funded services as a result of BCCC's activities is $34.3 million. As a result, taxpayers should expect to receive $3 in benefits for every $1 spent to support BCCC.
  • The average annual rate of return to taxpayers on spending for BCCC is 11.1 percent, a solid investment that compares favorably with other long-term investments in both the private and public sectors.

    For purposes of the study, economic data for the report on the economic benefits of BCCC in the region were gathered from Beaufort, Hyde and Tyrrell counties. For purposes of the study, Washington County was included in the economic analysis of Martin County Community College which shares service to that county with BCCC.

    For more information about the economic benefits study, contact Vice President of Research and Institutional Effectiveness Jay Sullivan at 252-940-6203 or jay.sullivan@beaufortccc.edu.

    The full text of the N.C. Community College report, along with statewide analysis, is available at http://www.nccommunitycolleges.edu/emsi-study.

    Beaufort County Community College is a public comprehensive community college committed to accessible and affordable quality education, effective teaching, relevant training, and lifelong learning opportunities for the people served by the College.
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