Sept. 25, 2007 Contact: Lynn Whalen, Executive Director, LLCC Public Relations lynn.whalen@llcc.edu NIU study: LLCC has significant economic impact on local communities SPRINGFIELD – Over the last decade, nine out of 10 area employers hired a Lincoln Land Community College student, and four out of 10 area workers took credit classes at LLCC. Students in their mid-20s who complete a program of study can expect a total lifetime earnings of almost $1.8 million, nearly 50 percent more than they would otherwise earn. These findings and more are from a new study, “The Economic Impact of Lincoln Land Community College,” prepared by the Northern Illinois University Center for Governmental Studies and modeled after a statewide economic impact analysis of Illinois Community Colleges. “This study confirms the highly significant role that Lincoln Land Community College plays in the economy of our communities and in the lives of our students,” said LLCC President Charlotte Warren, Ph.D. Among the major findings: LLCC adds skills to the area’s workforce and boosts the competitiveness of local businesses. · 9 out of 10 area employers (93.0%) hired an LLCC student at some point over the past 10 years. · 4 out of 10 area workers (37.5%) participated in credit courses at LLCC during the past 10 years. · There was a 65.7% increase in students who completed an LLCC program from 1996 to 2006. · LLCC students who attended school in 1995 paid an estimated $113,763,247 in state taxes and $435,917,475 in federal taxes between 1996 and 2005. · LLCC students who graduated in 1995 paid an estimated $4,880,751 in state taxes and $18,874,485 in federal taxes between 1996 and 2005. An LLCC education increases earnings for workers. · On average, all LLCC students who completed their education in FY05 and worked year-round saw a 22.9% increase in earnings over their pre-enrollment wages. · Students who complete their program of study realize even greater benefits. A 25-year-old LLCC program graduate can expect a total lifetime earnings premium of $581,788. This is 48.5% more than the projected total lifetime earnings of $1.2 million if they had not completed a program. As a major employer and business entity, LLCC contributes local sales and wages and an estimated 978 jobs to the local economy. · In FY05, LLCC directly employed 374 full-time and 275 part-time staff with a total payroll of $21,637,254. · In addition to wages and salaries, LLCC reported $9,344,573 in operating expenditures. These monies produced an estimated $2,308,099 in output for a total economic impact of $11,652,672 million and an estimated additional 113 jobs. “The Economic Impact of Lincoln Land Community College” may be read in its entirety here.
Posted on Tuesday, September 25, 2007
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