An economic impact study conducted for Glen Oaks Community College indicates that the college, its students, and regional alumni added $119.3 million in income to the local economy in 2015-16, approximately equal to four percent of the region’s total GRP.
Conducted by Economic Modeling Specialists International (EMSI), of Moscow, Idaho, the study reports, “The value of Glen Oaks Community College influences both the lives of students and also the regional economy. The college serves a range of industries in the GOCC surrounding communities, supports local businesses, and benefits society as a whole in Michigan and northern Indiana from an expanded economy and improved quality of life. The benefits extend to the state government through increased tax revenues and public sector savings.
Glen Oaks added $7 million in added income to the region during the past year as a result of its day-to-day operations — equivalent to supporting 102 jobs. The spending by Glen Oaks students during the same time period was $224,000 equaling 12 jobs.
“The numbers speak for themselves,” said Glen Oaks President David Devier, “and confirm that Glen Oaks is a great investment for the students and the community. Glen Oaks contributes to our quality of life in many ways. We are grateful for the support of the community.”
The report also touched on the accumulated contribution of Glen Oaks alumni currently employed in the regional workforce, equating the value at $112.1 million, equal to 3,828 jobs.
The college generates more tax revenue than it collects. These benefits to taxpayers consist primarily of taxes paid to state government and used to benefit the region and state. There are also benefits for all taxpayers via reduced costs by lowering the need for the state to pay for health care, crime and unemployment.
These savings to taxpayers amount to $997,236. Total benefits equal $23.1 million, equal to the sum of added taxes and public sector savings. This means that for every $1 of public money, the taxpayers received a cumulative value of $8.30. The average rate of return is 22.6 percent, a solid investment that compares favorably with other long-term investments from both the private and public sectors.