Community colleges have impact on economy
Kansas Community Colleges play a significant role in the local economy and are a sound investment from multiple perspectives, the Kansas Association of Community Colleges Trustees recently reported.
The organization found students benefit from improved lifestyles and increased earnings. Taxpayers benefit from a larger economy and lower social costs. Finally, the community as a whole benefits from increased job and investment opportunities, higher business revenues, greater availability of public funds, and an eased tax burden.
According to the organization state and local governments allocated $331.4 million in support of Kansas Community Colleges in fiscal year 201O- 11.
For every dollar of this support, taxpayers see a cumulative return of $1.40 over the course of students' working careers (in the form of higher tax receipts and avoided costs).
State and local governments see a rate of return of 4.7 percent on their support for Kansas Community Colleges. This return compares very favorably with private sector rates of return on similar long-term investments.
The net economic impact on Pratt County is $34,958,123 annually.
Annually PCC’s 332 employees spend $2,437,331 locally on goods and services for events at the college.
Students spend an average of $605,000 annually on goods and services.
KACCT found the Kansas economy annually receives roughly $238.8 million in income due to college operations. This is a conservative figure adjusted to account for monies that leave the economy or are withdrawn from the economy in support of the colleges.