Kaskaskia College completed a regional economic impact study with Emsi, a labor market data company, to examine District 501’s effect on the regional economy. KC creates a significant positive impact on the business community, plus generates a return on investment to students, taxpayers, and society.
The study measured the economic impact of Kaskaskia College during FY 2018-19 to determine that KC adds $107.5 million total income to the region, which is approximately equal to 2.2% of the region’s total gross national product (GRP).
Highlights of the new study include:
KC’s impact supports 1,624 jobs or one out of every 38 jobs in District 501.
The net impact of the college’s operations spending adds $29 million in income to the district’s economy.
Current KC students add almost $885,000 in revenue to the district instead of leaving the area to pursue other educational opportunities.
KC alumni employed within the district’s workforce add over $77 million to the district’s income.
The study also conducted an investment analysis based on the return for students, taxpayers, and society. In FY 2018-19, the total investment made by KC’s students amounted to a present value of $15.3 million. In return for their investment, students will receive an estimated $66 million in increased earnings over their careers.
Taxpayers provided KC with $30 million in FY 2018-19 funding. In return, they will benefit from added tax revenue, stemming from students’ higher lifetime earnings, and increased business output, amounting to $24.6 million. Reduced demand for government-funded services in Illinois will add another $2.3 million in benefits to taxpayers.
As for society, Illinois invested $46.8 million to support KC in FY 2018-19. In turn, the Illinois economy will grow by $257 million throughout students’ working lives. Society will also benefit from $8.5 million of public and private sector savings. For every dollar invested in KC in FY 2018-19, people in Illinois will receive $5.70 in return, for as long as KC’s FY 2018-19 students remain active in the state workforce.
Emsi is a labor market company for higher education institutions, businesses, and community developments based in Moscow, Idaho. Emsi provides data and services that help promote economic prosperity for organizations and communities.