Analysis of the Economic Impact and Return on Investment of Education.

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Presentation transcript:

Analysis of the Economic Impact and Return on Investment of Education

600+ Years working with community colleges ADVISORS IN LABOR MARKET INFORMATION 600+ Years working with community colleges Of U.S. community colleges have used Emsi’s economic impact studies Students used Emsi’s career pathways tools last year 2017 Aspen Prize finalists are Emsi customers We have completed over 1,700 EIS across US, UK, and Canada (with over 83% done for US clients)

What is an economic impact analysis? Measures how an event or institution affects the local economy. What is an investment analysis? A comparison of the costs and benefits to determine the return on investment.

Average earnings by education level at career midpoint Total gross regional product (GRP) Total jobs

credit students served Non-credit students served Employees Total Payroll/Benefits students from outside the County Total tuition revenue

1 out of every 43 Total Impact or or Impacts by industry Total INCOME added IN THE COUNTY or OF COUNTY’S GRP Total JOBS SUPPORTED IN THE COUNTY or 1 out of every 43 Jobs in THE COUNTY

Operations Spending Impact Student Spending Impact Relocated/Retained student spending + ripple effects Alumni Impact Higher alumni earnings and increased business profit + ripple effects College payroll and other spending + ripple effects added COUNTY income added COUNTY income added COUNTY income or or or Jobs supported in the COUNTY Jobs supported in the COUNTY Jobs supported in the COUNTY All results measured in income, not sales. Results are net of counterfactual scenarios.

About Florida $948.2 billion 11,932,489 Average earnings by education level at career midpoint $948.2 billion Total gross State product (GSP) 11,932,489 Total jobs

Taxpayer Perspective Student Perspective Social Perspective Benefit: Future tax revenue, government savings Benefit/Cost ratio Rate of return Cost: State and local funding Student Perspective Social Perspective Benefit: Future earnings, tax revenue, private savings Benefit/Cost ratio Rate of return Cost: Student and all college costs Benefit: Higher future earnings Cost: Tuition, supplies, opportunity cost Benefit/Cost ratio Rate of return Future benefits are discounted to the present.

Analysis of the Economic Impact and Return on Investment of Education