Cowley
College Unveils Study on Local & Regional Economic Impact
Arkansas
City, KAN., (December 19, 2023) - Lightcast, a company with more
than 20 years of experience working with higher education institutions,
recently completed an Economic Impact Study to demonstrate Cowley College's
economic value to the local economy.
The
Economic Impact Ana
lysis,
reflecting fiscal year 2021-22, measured how Cowley College affects the local
economy. An Investment Analysis, which is a comparison of the costs and
benefits further demonstrates the return on investment.
In
addition to helping students become more employable and achieve their
potential, Cowley College creates value in many ways. By attracting students,
Cowley College adds new dollars and opportunities for its service region, in
addition to providing students with the education, training, and skills they
need.
During
the study period, Cowley College had 3,619 credit students, 1,710 non-credit
students, and 373 full and part-time employees. Graduates with an associate
degree from Cowley College witness an increase of $14,000 in annual earnings
boost compared to Kansans with just a high school diploma. The cumulative value
of higher future earnings for FY 2021-22 students alone amounts to $152.8
million.
The
education and training Cowley College provides for regional residents has the
greatest impact. In FY 2021-22, Cowley College alumni generated $179.4 million
in added income for the regional economy, which is equivalent to supporting
2,582 jobs.
Throughout
the analysis year, Cowley College injected $203.5 million into the Cowley
College regional service area economy, including operations spending, student
expenditure, and alumni impact. The $203.5 million impact supported 3,071
regional jobs, using the jobs-to-sales ratios specific to each industry in the
region.
Cowley
College's annual payroll and other spending generates $20.3 million in added
income, while the daily spending of Cowley College students attracted to or
retained in the region generates $3.8 million.
For
every $1 invested, Cowley College students reap $10.70 in lifetime earnings.
Taxpayers, too, witness a significant return, gaining $2.20 in added tax
revenue and public sector savings, while society benefits $8 in added income
and social savings.
Cowley
College generates more in tax revenue than it receives. These benefits to
taxpayers consist primarily of taxes that the state and local government will
collect from the added revenue created in the state. As Cowley College students
earn more, they will make higher tax payments, such as property taxes,
throughout their working lives. Students’ employers will also make higher tax
payments as they increase their output and purchases of goods and services. By
the end of the FY 2021-22 students’ working lives, the state and local
government will have collected a present value of $35.3 million in added taxes.
This
extensive study draws from diverse sources, blending data from Cowley College's
FY 2021-22 academic and financial reports, the Kansas Board of Regents, alongside
industry and employment statistics from esteemed sources like the U.S. Bureau
of Labor Statistics and U.S. Census Bureau, all anchored by Lightcast’s
Multi-Regional Social Accounting Matrix model.
The
results of the analysis demonstrate that Cowley College is a strong investment
for all three major stakeholder groups—students, taxpayers, and society. As
shown, students receive a great return for their investments in education from
Cowley College. At the same time, taxpayers’ investment in Cowley College
returns more to government budgets than it costs and creates a wide range of
social benefits throughout Kansas.
To
view the complete executive summary conducted by Lightcast, go to www.cowley.edu/economic-study.
