Study Shows VGCC Is Major Contributor To Economy Of Its 4-County Service Area
Vance-Granville Community College accounts for $217.9 million in earnings annually, and its students get a high return on their investment in education, a recent study shows.
CCbenefits Inc. reported Tuesday the results of a study it did on the socioeconomic benefits generated by the 58 community colleges in North Carolina, including Vance-Granville.
Some highlights of the study of VGCC include:
VGCC pays $16.2 million annually in direct faculty and staff wages and accounts for an additional $201.7 million in earnings off campus in the college service area of Vance, Granville, Franklin and Warren counties. These earnings are equal to about 8,300 jobs.
VGCC faculty and staff earnings and college operating and capital expenditures account for $21.8 million annually.
From an investment standpoint, VGCC students will get a 34.6 percent rate of return on their time and money. For every $1 a student invests in VGCC education, he or she will receive a cumulative of $10 in higher earning over the next 30 years.
VGCC returns for every dollar of state or local tax money invested in the college an estimated $19.20 in economic benefits over 30 years and $3.10 over only 7.8 years.
The statewide report on the socioeconomic benefits of the North Carolina Community College System was released Tuesday morning at the Legislative Building in Raleigh.
Business sales in North Carolina are $38 billion larger, and labor income is $15 billion larger, due to operations of the state’s 58 community colleges, the report shows. It also shows how community colleges stimulate the state economy, leverage taxpayer dollars, generate a return on government investment and increase individuals’ earning potential.