A new study released by Muskegon Community College (MCC) shows that the College generated over $266 million in economic impact for the local area in 2013-14. In addition, the study shows that MCC provides a strong return on investment and helps create a healthy economy for the entire state of Michigan.
The study, conducted by Economic Modeling Specialists International (EMSI), examined the economic value that MCC contributed to Muskegon, Newaygo, and Ottawa counties in 2013-14 by considering the impacts of its operations spending, the spending of its students, and the increased earnings that MCC students receive because of the time they spent at the college. Overall, these impacts included:
• $26.2 million (495 jobs) from operations spending
• $3.5 million (101 jobs) from student spending
• $237 million (4,203 jobs) from alumni earnings
Combined, these figures show that Muskegon is responsible for $266.7 million in added income in the region, which supports 4,799 jobs. Some of the industries most affected by MCC’s impact include health care and social assistance, where MCC has a $48.3 million impact that supports 1,111 jobs, and manufacturing, where MCC has a $26.7 million impact supporting 2,088 jobs.
The EMSI study also looked at the return on investment for MCC students and state and local taxpayers. The study concluded MCC graduates will earn $4.60 in future income for every $1 they invested in their MCC education. For every dollar of state and local tax revenue that supported MCC, taxpayers receive a benefit of $4 in the reduced costs to society associated with college students and the added tax revenue from those students’ higher earnings.
According to the study’s estimates, about 90% of MCC students remain in the area when they graduate, keeping their valuable skills in the local economy and helping to create new income in the region.
Together, these results show that by creating a skilled workforce in the region, MCC makes a valuable contribution to not only the lives and careers of its students but to the economic prosperity and quality of life for all residents of its service area. By significantly increasing students’ future incomes and quality of life, MCC provides a good return on investment to the entire state.
EMSI is 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. Since 2000, EMSI has completed more than 1,200 economic impact studies for educational institutions in four countries.
View the complete MCC-2013-2014-Economic-Impact-Study
For more information, contact Eduardo Bedoya, director of institutional research and grants at MCC, at (231) 777-0332.