FTCC contributes about $464.3 million to Cumberland County’s economy, according to an economic impact study released by the N.C. Community College System and a group of its partners.
The analysis is part of a statewide report call Big ROI (Return on Investment) for North Carolina, which analyzes the impact of the state’s 58 community colleges, compiling an economic impact study and five program-specific economic impact studies for each community college.
FTCC’s $464.3 million impact, based on data from the 2019-20 fiscal year, represented approximately 2.2 percent of Cumberland County’s total gross regional product. In terms of jobs, FTCC’s impact supported about 7,479 jobs.
In addition to the college’s economic impact, the report also presented an investment analysis, which determined that FTCC students’ average annual rate of return on investment is 25.8%, a reflection of the students’ investment to attend FTCC compared to the increased earnings over their career.
In a wider investment analysis, North Carolinians will receive $9.60 on every dollar invested in FTCC for fiscal year 2019-20, a return that will last as long as students from that year remain active in the state’s workforce.
The report compiled program-specific economic impact studies for FTCC’s Nursing, Information Technology/Systems Security, Building Construction Technology, Collision Repair and Business Administration programs, analyzing how the career earnings of students who complete each program compare to the earnings of high school graduates.
The studies found that each of North Carolina’s community colleges pump millions of dollars into the regions they serve – creating jobs, wealth, and opportunities for local residents. North Carolina’s 58 community colleges represent a combined $19 billion in annual impact on the state’s economy and support one out of every 19 jobs in the state.
“The return on investment in our community colleges is unmatched – not only for students and parents, but taxpayers and our entire state economy,” said N.C. Community College System President Thomas Stith. “We are proud of the contributions of our graduates and employees to enhance and strengthen our North Carolina communities.”
The economic impact study found for every dollar the state invests in North Carolina’s Community Colleges, the state gains $7.50 in added incomes and social savings. The colleges generate nearly double the revenue from what they take in from the taxpayers. For every $1 the state invests, taxpayers get $1.90 back in added tax revenues and public sector savings.