Illinois Community Colleges' Economic Impacts Report - October 2014
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Transcript of Illinois Community Colleges' Economic Impacts Report - October 2014
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CONTENTS
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INTRODUCTION
BECAUSE OF ITS SIZE THE
ILLINOIS COMMUNITY
COLLEGE SYSTEM (ICCS)
PRODUCES SUBSTANTIAL
ECONOMIC IMPACTS FOR
THE STATE AND THE
COMMUNITIES WHERE
COMMUNITY COLLEGES
ARE LOCATED.
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ILLINOIS COMMUNITY COLLEGES
CONTRIBUTE TO THE VITALITY
OF THEIR REGIONS AND THE
STATE IN MANY WAYS:
EDUCATIONALLY, CULTURALLY,
RECREATIONALLY, CIVICALLY,
AND ECONOMICALLY.
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COMMUNITY
COLLEGES ARE
GENERALLY AMONG
THE LARGEST
EMPLOYERS IN THE
AREA WHERE THEY
ARE LOCATED AND
GENERATE
SUBSTANTIAL
ADDITIONAL
ECONOMIC BENEFITS
FOR THEIR
COMMUNITIES.
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SECTION 1: ILLINOIS
COMMUNITY COLLEGE
STUDENT ECONOMIC
OUTCOMES
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THE RETURN ON
INVESTMENT OCCURS
OVER A 40 YEAR
WORKING LIFE.
TO ASSESS THE
ECONOMIC IMPACT
OF AN ICCS STUDENT,
IT MUST BE REALIZED
THAT EDUCATION AT
A COMMUNITY
COLLEGE IS AN
INVESTMENT.
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THE NET PRESENT VALUE
OF INVESTING IN A
COMMUNITY COLLEGE
ASSOCIATE DEGREE IS
ALMOST $192,000.
INCREASED EARNINGS FOR
A DEGREE COMPLETER
ARE ESTIMATED TO TOTAL
OVER $572,000.
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AVERAGE STUDENT LOANS FOR
ILLINOIS COMMUNITY COLLEGE
STUDENTS TEND TO BE
SIGNIFICANTLY SMALLER THAN
THE NATIONAL AVERAGES.
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COMPLETERS WORKING
FULL TIME EARNED OVER
$35,000 IN THEIR FIRST
POST-COMPLETION YEAR.
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OVERALL, EARNINGS
GAINS AVERAGED
$159 PER CREDIT HOUR.
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STUDENTS HAD THE
LARGEST EARNINGS
INCREASES IN THE
YEARS IMMEDIATELY
AFTER PROGRAM
COMPLETION.
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THE AVERAGE PRE-
ENROLLMENT TO POST-
COMPLETION EARNINGS
GAIN OVER THE EIGHT-
YEAR PERIOD FROM 2005
TO 2011 WAS $4,387. THIS
TRANSLATES TO A $2.41
PER HOUR INCREASE IN
EARNINGS ASSUMING
FULL-TIME, FULL-YEAR
EMPLOYMENT.
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$13.2 BILLION IN
FEDERAL TAXES WAS
GENERATED BETWEEN
2003 AND 2012 BY
STUDENTS WHO
ATTENDED ILLINOIS
COMMUNITY COLLEGES
IN 2002.
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26.1% OF ALL WORKERS
IN 2012 HAD ATTENDED
AN ILLINOIS COMMUNITY
COLLEGE DURING THE
PREVIOUS 10 YEARS.
ALMOST 74% OF
EMPLOYERS HAD HIRED
AN ILLINOIS COMMUNITY
COLLEGE STUDENT AT
SOME POINT IN THE
PREVIOUS 10 YEARS.
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SECTION 2: ILLINOIS
COMMUNITY COLLEGES’
ECONOMIC IMPACTS
IN FY2012 THE TOTAL
ECONOMIC IMPACT IS
ESTIMATED AT $3.1
BILLION AND 50,973 JOBS.
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ILLINOIS COMMUNITY
COLLEGES PAID OVER
$1.5 BILLION IN WAGES
AND BENEFITS TO THEIR
34,480 EMPLOYEES THAT
LIVED IN THE STATE.
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SINCE FY2008, ILLINOIS
COMMUNITY COLLEGES
HAVE INVESTED OVER
$1.5 BILLION IN CAPITAL
PROJECTS IN THE 39
DISTRICTS.
CONSTRUCTION
EXPENDITURES AND
RESULTING ECONOMIC
IMPACTS VARY FROM
YEAR TO YEAR.
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SECTION 3:
CHARACTERISTICS OF
ILLINOIS COMMUNITY
COLLEGE STUDENTS
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DATA LIMITATIONS AND POTENTIAL
FUTURE ENHANCEMENTS
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GLOSSARY
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DATA SOURCES