Western Nebraska Community College added $195.5 million of income to its 12 1/2-county service area during the 2020-21 fiscal year according to an economic impact study conducted by Emsi Burning Glass, a national labor market data firm. The study demonstrates that WNCC is a strong investment for students and society.
Impact of Spending and Supported Jobs
WNCC's $195.5 million in total impact is highlighted by $171.5 million added to the economy by former WNCC students that are employed in the area. $22.8 million in added income was the net impact of operations spending by the college, which is equivalent to supporting 370 jobs in the Panhandle. And finally, student spending accounted for $1.1 million of additional income to the regional economy.
The total impact is the equivalent to 4.1 percent of the Gross Regional Product (GRP) in the Western Community College Area (WCCA) service area. The report also shows that one of every 21 jobs in the area is supported by the activities of WNCC and its students.
"We are proud of the role WNCC plays in the Panhandle and beyond," said John Marrin, WNCC interim president. "This study offers tremendous perspective on the magnitude of WNCC's reach in the area, and supports our efforts in fulfilling our vision to positively impact the education and well-being of every student, employer, and community member in the Nebraska Panhandle region."
Taxpayer and Social Perspective
Emsi's report showed that Nebraska’s support of WNCC during the 20-21 fiscal year will in return grow the economy over the course of students’ working lives. Additionally, Nebraska will gain $2.9 million in social savings related to lower welfare and unemployment costs, reduced crime, and increased health and well-being across the state. In summary, for every tax dollar invested in WNCC, $4.40 in benefits will accrue to the state.
"While the student's success is always a top priority at WNCC, being fiscally responsible with taxpayer money is at the forefront of every decision," Marrin said.
Student and Alumni Impact
From the student perspective, students paid $2.3 million to WNCC for tuition, fees, interests on loans, books, and supplies. In return, students will receive a present value of $42.7 million in increased earnings over their working lives, translating to a $7.30 return for every dollar that a student invests into their education at WNCC.
The average associate degree graduate from WNCC will see an increase of $7,800 per year in earnings compared to someone with a high school diploma or equivalent.
"Helping create quality future careers and opportunities for students is at the heart of our mission and values," Marrin said. "In that sense, this data verifies that WNCC continues to be an essential investment for our communities."
Emsi Burning Glass, an independent company, is a leading provider of economic impact studies and labor market data to educational institutions, workforce planners, and regional developers in the U.S. and internationally. The Nebraska Community College Association works with Emsi every three years to evaluate the value of a community college education to the state. To view the entire report, visit https://www.wncc.edu/about-wncc/institutional-effectiveness/i-e-pdfs/eco-impact/wncc-main-report-2022.pdf.
Categories: Nebraska, Education