CCCC releases study detailing economic impact to region

An economic impact study released today by Cloud County Community College reveals the college has a $68.5 million annual impact in its 12-county service area, which supports 1,048 jobs.
 
One out of every 70 jobs in the service area, which is made up of Cloud, Clay, Washington, Ottawa, Dickinson, Geary, Republic, Jewell, Smith, Osborne, Lincoln, and Ottawa counties, are supported by the activities of Cloud and its students. The study also found high returns on investment in Cloud County, highlighting its value beyond a traditional educational institution.
 
The Economic Impact Analysis, reflecting fiscal year 2021-22, measured how Cloud County affects the local economy. An Investment Analysis, which is a comparison of the costs and benefits, further demonstrates the return on investment. Community colleges across Kansas teamed up with Lightcast, a leading company specializing in labor market analytics and economic impact to conduct a comprehensive economic impact study of all 19 Kansas community colleges.
 
In return for their investment, Cloud students receive higher future earnings that continue to grow throughout their working lives. For example, the average Cloud associate degree graduate from FY 2021-22 will see annual earnings that are $14,200 higher than a person with a high school diploma or equivalent working in Kansas. For every dollar students invest in Cloud in the form of out-of-pocket expenses and forgone time and money, they will receive a cumulative value of $9.10 in higher future earnings.
 
“The results affirm Cloud County’s impact to the region, and the fulfillment of our mission to prepare students to lead successful lives and enhance the vitality of our communities,” said Cloud County President Amber Knoettgen. “This is clearly evidenced through the fact that 70 percent of our graduates stay within our 12-county service area after graduation.”
 
For taxpayers, the benefits are also substantial. The benefits and costs yield a benefit-cost ratio of 2.3. For every dollar of taxpayer money invested in Cloud, taxpayers will receive a cumulative value of $2.30.
 
The education and training Cloud provides for regional residents has the greatest impact. In FY 2021-22, Cloud alumni generated $59.6 million in added income for the regional economy, which is equivalent to supporting 817 jobs. That is an economic boost similar to hosting the World Series nine times.
 
Throughout the analysis year, Cloud County injected $68.5 million into the college’s 12-county service area, which includes operations spending, student spending and alumni impact. The college’s annual payroll and other spending generates $8.1 million in added income.
 
This economic impact study draws from diverse sources, blending data from Cloud County’s FY 2021-22 academic and financial reports, the Kansas Board of Regents, alongside industry and employment statistics from sources like the U.S. Bureau of Labor Statistics and the U.S. Census Bureau, all anchored by Lightcast’s Multi-Regional Social Accounting Matrix.
 
The results of the analysis demonstrate that Cloud County is a strong investment for all three major stakeholders –– students, taxpayers and society. As shown in the study, students receive a substantial return for their investments in their education at Cloud. At the same time, taxpayers’ investments in Cloud County returns more to government budgets than it costs and creates a wide range of social benefits throughout Kansas.
 
Statewide, the Kansas community college system has an annual $6.7 billion economic impact on the state. Kansas community colleges serve more than 115,000 students across the state, and 72% of those students remain in Kansas.
 
“The economic impact of Kansas community colleges is significant and the workforce development provided by each college across the state of Kansas is vital to a prosperous Kansas economy,” said Heather Morgan, Executive Director of the Kansas Association of Community Colleges. “This study provided insights into how Kansas community colleges contribute not only to individual student success but also to the broader prosperity of our state.”
 
To access the executive summary on Cloud County’s economic impact study, click here.
 
To access a one-page summary, click here.