Spoon River College, with campuses in Macomb and Canton, Sandburg with campuses in Carthage and Galesburg, Illinois Central College and Heartland Community College have, together, generated nearly $800 million in economic impact and supported over 10,400 jobs across the west-central Illinois community college region, according to a new study.
The statewide economic impact study found that Illinois community colleges are a powerhouse of growth, contributing $27.2 billion annually to the Illinois economy (nearly 3 percent of the state’s gross product) and supporting 324,273 jobs (one in every 26) in the state. The largest share of that impact, $645.6 million, comes from former students now working in the regional economy, earning more than they would without their credentials and spending those wages locally. The colleges’ own operations and capital spending account for another $130 million, while current students contribute $22.9 million through housing, food, transportation and other living expenses.
'The study proves that this return from investing in education is greater than the 30-year average annual rate of return of the stock market. Those higher earnings add up over a lifetime,' Spoon River President Curt Oldfield said. 'Because most graduates stay in the area, that money goes right back into local businesses and communities.'
The four colleges included in the study support one out of every 47 jobs in the region. Their day-to-day payroll and purchasing flow directly to local businesses, vendors and contractors, while capital projects put construction and infrastructure dollars to work across the 20-county area.
'Our colleges demonstrate the concrete value of continued investment in community colleges as a driver of workforce development, regional growth, and long-term opportunity for students and communities,' Sandburg President Seamus Reilly said. 'From the broader perspective, we contribute to statewide economic growth and social benefits of added income and public and private sector savings. Our students are earning more and reinvesting by largely staying here in the communities we serve.'
Students who complete credentials at one of the four west-central Illinois colleges see an average 14.6 percent annual return on their educational investment compared to workers with only a high school diploma, after accounting for tuition and foregone wages. Those higher earnings add up over a career, and because most graduates stay in the area, that money goes right back into local businesses and communities.
About the Study
The economic impact analysis, commissioned by the Illinois Community College Board, was completed by Lightcast. It covers a 20-county region served by the four colleges, including Bureau, DeWitt, Ford, Fulton, Hancock, Henderson, Knox, Livingston, Logan, Marshall, Mason, McDonough, McLean, Mercer, Peoria, Schuyler, Stark, Tazewell, Warren and Woodford counties.
