According to a†report released last week†on the†economic impact of higher education in the state of Texas, the colleges and universities in Texas†have a combined economic impact equivalent to nearly 11% of the state's gross state product.†The†study†combined†three sectors (Public Universities, Community and Technical Colleges, and Independent Universities) of higher education in Texas†and concluded they are highly significant†drivers of the state's growing economy.
"While this report looks at the the state as a whole, it confirms that communities and individuals benefit†greatly†from having access to institutions of higher education like Northeast Texas Community College," Dr. Brad Johnson, NTCC President, said. "The study doesn't just confirm that people earn more over a lifetime after attending college, but also that our communities' investment in higher education is paying†the strongest†dividends†to the local communities fortunate enough to have them."
Students see their lifetime income rise by $3.50 for every†dollar invested at a college and/or†university.† Texas benefits to the tune of $13.50 for every dollar invested because of increased earnings of its citizens and lower social services/law enforcement costs.††Taxpayers also realize a substantial gain of $6.40 in added tax revenue and public sector savings for every dollar spent in the higher education sector.
The higher education sector employed 213,627 full-time and part-time employees in FY 13 with a combined payroll of $11.4 billion, while the institutions spend $9.6 billion to support operations. The net effect of colleges and university operations was to add $15.7 billion into the state's economy in 2012-2012.†At this time, NTCC contributes more than 200 full-time and about 150 part-time jobs to the local economy.
"At the end of the day, NTCC creates jobs for people in the community and also provides training that results in a more skilled workforce. Those who†pushed for the creation of†the college†30 years ago†knew this to be true and†time has left no doubt†as NTCC is now one of the major economic drivers of our area," Johnson said.
The report was released by Economic†Modeling†Specialists†International†(EMSI) on behalf of the Texas Association of Community Colleges, Texas Council of Public University Presidents and Chancellors, and Independent Colleges and Universities of Texas. Funding for the project was provided in part by the Sid Richardson Foundation.
February 13, 2015
