Study demonstrates VC's economic impact on Crossroads region

An average Victoria College associate degree graduate will see an increase in earnings of $9,700 each year compared to someone with a high school diploma or equivalent. Over a working lifetime, this increase in earnings amounts to an undiscounted value of approximately $375,972 in higher income.

That’s according to a recent study conducted by Economic Modeling Specialists International (EMSI) showing the economic impact Victoria College has in the region. This study was conducted in partnership with the Texas Association of Community Colleges.

The study examined the 2012-13 fiscal year and reported the benefits gained by students, businesses and community members as a result of Victoria College’s work. In addition to the higher income enjoyed by VC graduates, the study also factored in the indirect benefits of education. These include avoiding medical costs and lost productivity associated with poor health habits, justice system costs and a savings in welfare and unemployment benefits.

Among its findings, the study said that for every dollar spent by:

  •     Students, $3.70 is gained in lifetime income
  •     Society, $13.70 is gained in added state income and social savings
  •     Taxpayers, $4.90 is gained in added taxes and public sector savings due to a reduced demand for government-funded social services in Texas

During the analysis year, VC and its students added $164.6 million in income to the economy of Victoria College’s service area, which includes Calhoun, DeWitt, Gonzales, Jackson, Lavaca, Refugio, and Victoria counties.

Eleven percent of VC students originated from outside the region during the 2012-13 academic year, generating $2.8 million in new income.

Additionally, the study found that eighty-nine percent of VC alumni stay, work and pay taxes in VC’s service area, adding some $135.8 million in income to the region. While attending VC, students receive experience, education and the knowledge, skills and abilities that increase their productivity and allow them to command a higher wage once they enter the workforce, the study reported.

“What’s very important, is that, unlike most universities, a very high percentage of our students continue to make the Golden Crescent their home after completing their studies,” said Dr. Tom Butler, VC president. “They use what they have learned to improve not only the quality of their lives, but the lives of their neighbors as well.”

To read the report, go to: 2014 EconomicImpactStudy.pdf

To see the fact sheet, go to: 2014 EconomicImpactFactSheet.pdf

Economic Modeling Specialists International, a CareerBuilder company, 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.

Published: Friday, 13 February 2015
 

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