Fort Morgan, CO 11/09/17. A third-party analysis of the economic impact of Morgan Community College (MCC) reveals $51.3 million in added income to the state in fiscal year 2015-16, equal to approximately 1.9% of the Gross Regional Product of MCC’s service area. The study also shows that MCC supports nearly 1,484 jobs in eastern Colorado.
MCC’s 1,474 students and nearly 300 faculty, adjunct instructors, and staff, along with the colleges’ operations spending contributed over $8.4 million through living expenses and on items such as housing, groceries, dining out, clothing, and other household and leisure expenses.
“MCC makes a big impact changing lives for the better through our instructional programs and services. We also make a big impact on the economics of our students, region, and state through tangible returns on financial and other personal and public investments,” stated Dr. Curt Freed, MCC president.
“We educate Coloradans for high paying careers that significantly increase their standards of living. We are also employers and buyers of goods and services, and the living expenses of our students and employees benefit local businesses,” said Dr. Nancy McCallin, Colorado Community College System president.
The following are additional highlights from the report:
- For every dollar spent by MCC students, $8.30 is gained in lifetime earnings (21.8% average annual return rate after adjusting for inflation).
- For every dollar spent by state and local taxpayers for MCC operations, $4.50 is returned to government due to added tax revenue and a reduced demand for government-funded services in Colorado (10.2% average annual return rate after adjusting for inflation).
- For every dollar spent by society on education provided by MCC, society will receive a cumulative value of $18.30 in benefits.
The study was conducted by Emsi, a leading provider of economic impact studies and labor market data to educational institutions, workforce planners, and regional developers in the U.S. and internationally.
A summarizing video is located on the College’s website at www.morgancc.edu/president. The economic impact summary page is available on the website, under “reports.”