DECATUR, Ala. — Students and alumni of colleges within the Alabama Community College System (ACCS) add $6.6 billion to Alabama’s economy, supporting one out of every 27 jobs in the state, according to an economic impact report released Monday.
Lightcast, a global leader in labor market analytics for colleges and universities, analyzed data using FY’ 2020-21 academic and financial reports from Alabama’s community and technical colleges, as well industry and employment data from the Bureau of Labor Statistics and Census Bureau.
The independent, 102-page report by Lightcast estimates the Alabama Community College System directly impacts 98,923 jobs in the state, representing about 2.7% of Alabama’s gross state product. Additionally, taxpayers see a net benefit of $1.1 billion in added tax revenue from students’ higher lifetime earnings and increased output to businesses.
Within the individual contributions report for each college, Calhoun made a total annual impact of $733.2M, which supported over 9,754 jobs across the state. This value is approximately equal to 1.8% of the region’s total gross regional product (GRP). “The results of the analysis not only prove the curriculum and training at Calhoun is solid and is what industry leaders are seeking in their potential employees, but it also shows the college’s commitment to assist in maintaining the state’s strong workforce,” commented Dr. Jimmy Hodges, Calhoun President.
Over the years, students have studied at Calhoun and entered or re-entered the workforce with newly-acquired degrees, job training, and certifications. As they remain in the North Alabama region, their net impact as employees amounted to $669.9M in added income for the 2020-21 fiscal year. “This is proof that the more you learn, the more you will earn, and a college degree is a good investment. Community college students earn a higher wage than they would with only a high school diploma,” says Hodges. “Our students see annual earnings of $11,300+ as a result of investing in their education and advancing their skillsets to become more employable,” added Hodges.
Alabama’s community college alumni who are currently employed in Alabama’s workforce added $5.7 billion in income during the analysis year. A total of 95 percent of Alabama community college alumni remain in the state to live and work. “Our legacy centers on helping people develop the skills they need to help build the framework of our state’s economy, and the data this report provides proves we are on a forward path of excellence in that pursuit,” said Jimmy H. Baker, Chancellor of the Alabama Community College System.
“We couldn’t be any more proud of the results from this recent study, and hope to continue to receive support from our friends within the community. We hope to build stronger bonds and opportunities for our students with our industry partners, and look forward to increasing our enrollment as we help students pursue their educational goals,” said Hodges.
View full Lightcast report here.