John Tyler Community College (JTCC) is a major economic engine for its service region, positively impacting taxpayers, businesses and students. That’s the finding of the study Demonstrating the Value of John Tyler Community College: Analysis of the Economic Impact and Return on Investment of Education. The study, conducted by Economic Modeling Specialists International (EMSI), shows that during fiscal year 2012-13, the College and its alumni added $226.2 million in income to the economy of JTCC’s service area, which is made up of the cities of Colonial Heights, Hopewell and Petersburg and the counties of Amelia, Charles City, Chesterfield, Dinwiddie, Prince George, Surry and Sussex. Approximately $35.9 million came from the College’s annual spending, and $190.3 million was generated by JTCC alumni who are currently employed in the region.
In addition, the study found that Tyler’s students have deep roots in the community. Approximately 98 percent remain in Virginia after completing their educational goals, and about 75 percent of JTCC’s students stay in the College’s service region. These students contribute to the local economy by putting the skills they learn at JTCC to work, increasing the productivity and profits of the companies that employ them. Tyler alumni also enjoy higher earnings. John Tyler associate degree graduates earn, on average, 35 percent more than those with a high school diploma.
Overall, the report illustrated that John Tyler offers an excellent return on investment for taxpayers and for students. For every one dollar invested in JTCC, state and local taxpayers will receive a cumulative value of $5.10 while students will gain $6.80 in added income.
“Thanks to this study, we now have hard evidence of the value of John Tyler Community College on the local economy,” says Dr. Edward “Ted” Raspiller, president of John Tyler Community College. “An education from John Tyler leads to higher salaries, increased productivity and added tax revenue. We are truly a place that changes lives, bolsters the community and enriches the local workforce.”
A video about the EMSI study, handouts outlining the study’s findings, as well as the complete report, Demonstrating the Value of John Tyler Community College: Analysis of the Economic Impact and Return on Investment of Education, may be found on John Tyler Community College’s web site at www.jtcc.edu/economicimpact.