Danville Community College (DCC) has proudly announced the findings of its recent Economic Impact Study, demonstrating the institution's profound influence on the regional economy, educational landscape, and social fabric. The study, conducted for the fiscal year 2021-22, sheds light on the comprehensive contributions made by DCC to the community and beyond.
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- Operations Spending Impact
The study reveals that DCC's operations spending made a significant impact on the local economy. With a total payroll of $11.2 million, much of which circulated within the region, and an additional $17.4 million allocated towards day-to-day expenses related to facilities, supplies, and professional services, DCC injected vitality into the community by supporting local businesses and households.
- Student Spending Impact
Students at DCC played a pivotal role in bolstering the regional economy, generating $1.1 million in added income during the fiscal year 2021-22 through their spending habits.
- Alumni Impact
DCC alumni emerged as key drivers of economic growth, contributing $101.9 million in added income to the regional economy. This figure is equivalent to supporting 1,567 jobs within the community.
- Total Impact
The cumulative impact of DCC's contributions to the service area economy amounted to an impressive $118 million in income during the analysis year, sustaining 1,869 regional jobs.
- Investment Analysis
From both student and taxpayer perspectives, the study underscores the substantial returns on investment yielded by DCC's educational programs. Associate degree graduates from DCC are projected to earn $4,400 more annually than their high school counterparts in Virginia. Over their working lifetimes, these graduates stand to earn $189,200 more than individuals with only a high school diploma.
Taxpayers also benefit significantly, with an estimated present value of $13.9 million in added taxes collected over students' working lives. Furthermore, DCC's educational initiatives generate approximately $2 million in savings for state and local taxpayers through improved lifestyles and reduced demand for government services.
- Social Perspective
Beyond economic metrics, DCC's impact extends into the social realm, with benefits totaling a present value of $163.4 million. These benefits encompass added student and business income, income from college activities, as well as significant savings in healthcare, the justice system, and income assistance.
