By getting a degree or certificate from Rowan College at Burlington County, you’re helping New Jersey achieve a robust financial framework, a recently released study by the National Council of County Colleges (NJCCC) has found.
The study, titled “The Economic Value of New Jersey’s Community Colleges,” and completed by economic and data consulting company Lightcast which has expertise in labor market, workforce, and higher education impact analysis, revealed that the 18 community colleges of New Jersey add a total of $12.8 billion onto the state’s economy, or roughly 1.6% of the total state gross product.
Portions of the $12.8 billion in income generated by the state’s community colleges include spending on new construction, operations (such as facilities maintenance), student spending, and, most notably, alumni impact. Most of the earnings, almost $11.7 billion, resulted from their higher lifetime earnings as associate degree holders.
Furthermore, this economic activity supported 135,492 jobs in the state, or one out of every 46 jobs in the NJ labor market.
“This analysis quantifies and reinforces what we already knew about the substantial economic impact of New Jersey’s 18 community colleges,” said Aaron Fichtner, president of the New Jersey Council of County Colleges (NJCCC). “Community college alumni, through their knowledge, creativity, and entrepreneurship, meet the workforce needs of the state’s evolving innovation economy and, through higher lifetime earnings, contribute directly to our state’s economic prosperity.”
The study has helped reinforce what has long been true about attending community college: it’s a decision with a strong return on investment by offering an affordable path to higher education and a fruitful career with higher earnings. Students experience significant savings, about $16,000 per year on tuition, and those students who may not otherwise be able to afford higher education have those financial burdens lessened, opening doors for economic opportunity to many across the state.
Investments in New Jersey community colleges also bring noteworthy returns to taxpayers and society. For every dollar invested in a New Jersey community college by the state and counties, taxpayers gain $2.60 in added tax revenue and public sector savings. For every dollar invested in a New Jersey community college, society as a whole gains $8 in additional income from students’ higher lifetime earnings and increased business output.
Read The Economic Value of New Jersey’s Community Colleges report for yourself here.
