According to the results of a new study just released, Asnuntuck Community College (ACC) generates over $207.5 million dollars in increased economic activity in the local area and provides a strong return on investment for taxpayers and the community as a whole.
ACC’s study was conducted by Economic Modeling Specialists International (EMSI) in an effort to measure the economic benefits generated by the College. The study for ACC measured the overall economic impact and the return on investment for students and taxpayers in Hartford and Tolland counties in Connecticut and Hampden County in Massachusetts during the 2013-14 fiscal year. The study measured the economic impact by considering a variety of factors, including spending by students who relocated to the area to attend ACC, college employees, alumni who remain in the area after graduation and college construction projects.
Of the $207.5 million generated overall by the college, alumni created the greatest impact – by generating $187.1 million in added income in the region.
“ACC’s biggest impact results from the education and training it provides for local residents. Since the college was established in 1972, students have studied at ACC and entered the workforce with new skills. Today, thousands of former students are employed in ACC’s service region,” according to the executive summary.
Findings from the study also concluded that the investment associated with ACC provides solid returns for individual students, taxpayers and society as a whole.
The study indicated that for every dollar that individual students invest in ACC, they receive a cumulative return of $3.50 in higher future wages. It was reported that ACC students will receive a “stream of higher future wages that will continue to grow through their working lives.”
In examining taxpayer investment, they study found that for every dollar invested in ACC by taxpayers, $2.40 is returned in benefits.
“From the taxpayer perspective, benefits consist primarily of the taxes that state and local government will collect from the added income created in the state. As ACC students earn more, they will make higher tax payments. Employers will also make higher tax payments as they increase their output,” the study revealed.
The study analyzed the benefits of the college’s operation on society as a whole in Connecticut and found that the state benefits in two major ways. The largest benefit that society receives is the added income created in the state by students who gain new and enhanced skills along with increased income generated by the businesses that hire the graduates.
“This study helps to affirm the role that ACC plays to create a better quality of life in many ways for our region in terms of higher-paying jobs for local residents and a stronger economic climate for business and industry,” said ACC President James P. Lombella.
The study was conducted by Economic Modeling Specialists International (EMSI), which conducted studies for many other community colleges throughout the state. EMSI 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. Since, 2000, EMSI has completed over 1,200 economic impact studies for educational institutions in four countries.