AURORA, Colo. – A new economic impact study released May 8 revealed that the Community College of Aurora’s annual financial impact in its service community amounted to $187.487 million.
That figure was part of a wide-ranging report on the fiscal influence of community colleges, generally, in the state of Colorado and produced that overall amount for CCA via the effects created from college operations, student spending and student productivity.
The fiscal examination of CCA showed the institution increased the lifetime incomes of its students, benefitted taxpayers, and increased tax revenues while reducing the demand for taxpayer-supported social services.
Going deeper inside the numbers:
• Regional income attributable to the accumulation of CCA skills over the past 28 years amounts to $170.185 million annually, due to the higher earnings of students and increased output of businesses.
• The CCA service area economy receives at least $15.425 million per year in income due to school operations.
• For every dollar students invest in CCA, they receive a cumulative $3.70 in higher future income over the course of their working careers. On an annual basis, after adjusting for inflation, students receive a rate of return of 13.3% on the money they invested in their community college education.
• Taxpayers see a rate of return of 9.1 percent on their CCA investment.
The 13 members of the Colorado Community College System, serving 162,000 total students, accounts for a $3.01 billion annual impact, the report stated.
The study was done by Economic Modeling Specialists, Inc., a professional service firm that provides consulting to colleges. Since 2000, EMSI has produced over 1,100 economic impact studies for many of the community colleges in the U.S.