SANFORD - Central Carolina Community College and its students added $229.4 million in income to the college's service area economy in Fiscal Year 2012-13, according to preliminary data from a new statewide economic impact study.
The $229.4 million in income is approximately equal to 3.4% of the Gross Regional Product, according to the draft report. The total income includes the college operations impact ($36.1 million -- payroll amounted to $29.8 million, much spent in the CCCC service area, and $18.1 million for day-to-day operations), student spending impact ($1.5 million from the 1.6% of students who relocated to the region), and alumni impact ($191.8 million of accumulated contribution of former students currently employed in the state workforce).
Julian Philpott, chairman of the CCCC Board of Trustees, said of the report, "I am very excited to see that the Economic Benefit Fact Sheet on CCCC verifies that every dollar invested in CCCC provides a significant return to CCCC's students, the taxpayers in its service area, and the citizens of North Carolina. From both an economic impact and an investment standpoint, CCCC has clearly demonstrated that it continues to provide outstanding value to its students and the communities it serves."
The N.C. Community College System, in collaboration with the UNC-General Administration and the N.C. Independent Colleges and Universities, contracted with Economic Modeling Specialists Intl. to conduct an economic impact study of higher education in North Carolina. Extensive data was collected from multiple sources. Each community college received a two-page fact sheet.
The draft report shows that for every $1 spent, $2.30 is gained in lifetime income for students, $8 is gained in added state income and social savings for society, and $3.60 is gained in added taxes and public sector savings for taxpayers.
In addition, the draft report shows that the added income created by CCCC and its students supported 5,042 job equivalents -- college operations impact equals 1,137 job equivalents, student spending impact equals 34 job equivalents, and alumni impact equals 3,872 job equivalents.
Other key points of the draft report include the return on investment to students, society, and taxpayers:
Over the past few years, CCCC has experienced tremendous growth and now serves over 7,000 curriculum students a year.
For information on Central Carolina Community College, visit the website www.cccc.edu.
Central Carolina Community College now serves over 7,000 curriculum students a year.