Release Date: May 11, 2011
Contact: Heather Bennett, Executive Director of Resource Development, 425-388-9253; firstname.lastname@example.org
Everett Community College Contributes $301 Million to Snohomish County Economy
Economic Modeling Specialists, Inc. economic impact study fact sheet.
EVERETT, WA – Everett Community College's alumni and operations contribute $301.8 million to Snohomish County's economy every year, according to a recent economic impact study.
EvCC, which educates more than 20,000 students annually, impacts Snohomish County's economy through higher alumni earnings, college operations and spending by international and out-of-state students enrolled at the college.
"This report confirms that the public investment in Everett Community College brings significant economic benefits to our region," EvCC President David Beyer said. "Higher education improves students' quality of life and pays off for the region's taxpayers."
The report was produced by Economic Modeling Specialists, Inc., which calculated the economic impact to the county based on the skills of graduates over 30 years; spending for college operations, including earnings of faculty and staff; and spending by students, including international and out-of-state students.
"What remains clear in today's economy is the importance of higher education, both for the vital operation of training our local world class job force and in terms of their favorable regional economic impact," said Troy McClelland, CEO/President, Economic Alliance Snohomish County. "Everett Community College not only continues to be a premier educational institution, it is an established key economic driver to our region. The additive and positive effect of higher education at EvCC remains a vital and integral piece of the regional strategy for Snohomish County's future success."
The study comes as EvCC prepares for annual budget cuts of $1.3 to $2.7 million during the next two years. Since 2009, the college's state funding has decreased by $5.7 million.
For every tax dollar invested in EvCC, taxpayers see a $3 return based on state and local tax dollars collected from alumni in the workforce and businesses that are growing because of that higher skilled workforce. Taxpayers save about $2.5 million because former EvCC students have lower welfare, unemployment and crime rates, according to the study.
For students, the payoff is in increased earnings. Students who earn an associate's degree make about $12,700 more per year than someone with a high school diploma. This translates into a 23 percent return on the funds they pay for tuition and fees.
Because the study only includes usual college operations in its scope, it does not factor in the construction and design jobs the college brought to Snohomish County through its capital expansion project. During the past six years, EvCC constructed Whitehorse Hall, Gray Wolf Hall, a Student Fitness Center and expanded the Parks Student Union. The college next plans to build a new Health Education Center.
Economic Modeling Specialists, Inc. is based in Moscow, Idaho, and conducted the study on behalf of the Washington State Board for Community and Technical Colleges.