The Economic Impact of Lansing Community College: $1 Billion
LCC responsible for 17,746 Michigan job equivalents, $312.3 million in benefits to taxpayers, $1 Billion in regional economic impact
September 16, 2015
LANSING, MICH. - The newly released study "Demonstrating the Economic Value of Lansing Community College," documents the vital role that the College plays in the economic future of Michigan.
In 2013, the net total impact of LCC on the SLICE regional economy was $1 billion in added income, equal to 3.8 percent of the Gross Regional Product. The SLICE regional economy includes Shiawassee, Livingston, Ingham, Ionia, Clinton, and Eaton counties.
By the end of the students' working careers, the SLICE region is expected to see even greater economic benefits, including $312.3 million in increased tax revenue and $19.5 million in taxpayer savings as students require fewer claims for welfare and unemployment benefits, experience better health, and have lower crime rates.
"Investments made by the State and local taxpayers yield tangible economic and social benefits," said LCC President, Dr. Brent Knight. "Over the years, LCC has worked with regional partners to meet workforce demands. Today, thousands of LCC alumni are employed in Michigan."
Students also see a significant economic benefit. For every $1 an LCC student spends on his or her education, he or she will see an expected gain of $4.90 in higher future income. On average, associate degree completers in the SLICE region are expected to earn $35,300 annually at the midpoint of their careers, $9,500 more than someone with a high school diploma.
"Education is one of the best investments a person can make, Knight said. "In return for their purchase, LCC students will receive a stream of higher future wages that will continue throughout their working lives."
Data and assumptions used in the study are based on several sources, including the 2013 academic and financial reports from the College, industry and employment data from the U.S. Bureau of Labor Statistics and U.S. Census Bureau, outputs of Economic Modeling Specialists International's (EMSI) Social Accounting Matrix (SAM) model, and a variety of studies and surveys relating education to social behavior. All results of the study reflect student and financial data for Fiscal Year (FY) '13.
A link to the full report can be found at lcc.edu/economicimpact.
About Lansing Community College
Lansing Community College is Michigan's third largest community college with approximately 15,000 students attending each year. LCC offers courses in general education for those interested in transferring to a four-year institution, career and workforce development, developmental education and personal enrichment. To meet the professional development and training needs of regional employees, the college offers customized programs for credit, non-credit and continuing education. The University Center at LCC offers students the opportunity to earn bachelor’s and master’s degrees from six partner universities on the downtown LCC campus. For more information, visit lcc.edu.