GCC makes a substantial contribution to the regional economy, according to a new study that will be presented at a public meeting at 1 p.m., Wednesday, in the Conable Technology Building.
The direct impact of college spending, salaries and goods and services is more than $22 million, according to the study, and former students add another $104 million.
Since 1966, 22,000 people have earned degrees and certificates from GCC. The lifetime earnings of a GCC graduate is $415,700 more than a peer with only a high school diploma.
About 70 percent of GCC's graduates remain in the GLOW region.
GCC's overall fiscal impact on the GLOW region is about 2.5 percent of the total economy.
To assist in arranging seating and refreshments, please RSVP attendance to the "The Economic Impact of Genesee Community College" presentation to Patty Hume in the External Affairs office at (585) 345-6809 or pahume@genesee.edu.
Full press release after the jump:
BATAVIA, NY -- The results of a recently completed study entitled, "The Economic Impact of Genesee Community College" will be presented to the public on Wednesday, April 27, by Kjell A. Christophersen, Ph.D, of Economic Modeling Specialists, Inc. (EMSI), the president of the internationally acclaimed research organization.
Sponsored by GCC in cooperation with Genesee County Chamber of Commerce, the Genesee County Economic Development Center, and Genesee Community College Foundation, the public presentation will be held in Conable Technology Building at GCC's Batavia Campus in room T-102 from 1 to- 2:15 p.m.
A synopsis of the presentation will also be given to the Genesee County Legislature Committee of the Whole at 6 p.m. the same evening within the Genesee County Legislative Chamber in Old Courthouse, Batavia.
"The Economic Impact of Genesee Community College" will feature results of EMSI's recently completed economic impact study which utilizes state-of-the-art, field-tested research techniques to report and analyze the investment that both students' and taxpayers' have in the college.
With great precision, the EMSI model records the college's economic value in terms of job and income formation, higher earnings captured by the students, the return to taxpayers for their college support, and a broad collection of social benefits and avoided costs through reduced crime, improved health habits, and lower expenditures for welfare and unemployment by GCC graduates and former students.
The economic impact study measured the flow of money through area communities resulting from college spending, faculty and staff spending, and student spending. The annual direct regional spending by the college on goods and services (other than housing) was $22.1 million, while spending by former Genesee students directly attributable to their education totaled $104.1 million annually. Together, these make a total current contribution of $126.2 million annually to the local economy, and comprise 2.5 percent of the entire GLOW region economy.
Since its founding in 1966, about 22,000 people have earned degrees and certificates from GCC, of which approximately 70 percent live in the GLOW region. Additionally, the lifetime earnings of a GCC graduate are $415,700 more than their peers with high school diplomas.
While the $126.2 million represents direct economic impact, the college also has an indirect economic impact on the community as college graduates tend to become good citizens investing in their homes, becoming involved in their communities and relying far less on taxpayer funded health and social service programs. The EMSI study shows that taxpayers save an annual $1.2 million through indirect benefits such as lower criminal justice costs, a decrease in employee-related absenteeism, and less health care spending for smoking, drug and alcohol abuse.
Christophersen has 30-plus years of experience as a senior economist developing and analyzing economic models in Africa, Asia, the Near East, Europe, the Caribbean, and the U.S. He has served as team leader on many assignments to carry out activities that include economic modeling, project appraisal, assessments, planning, design and evaluation, feasibility and recurrent cost studies, and training in economic and financial analysis.
To assist in arranging seating and refreshments, please RSVP attendance to the "The Economic Impact of Genesee Community College" presentation to Patty Hume in the External Affairs office at (585) 345-6809 or pahume@genesee.edu.
