A new study documents how Lincoln Land Community College significantly impacts the local economy by increasing workers’ earning potential, generating additional tax revenues, and as one of the largest employers in the area.
The study, compiled by the Center for Governmental Studies at Northern Illinois University under agreement with the Illinois Community College Board, states that LLCC contributes to the vitality of its service area in many ways: educationally, culturally, recreationally, civically and economically.
Economic contributions include:
- LLCC adds skills to the workforce and boosts the competitiveness of area businesses.
- LLCC graduates generate millions of dollars in local, state and federal tax revenues.
- An LLCC education increases earnings for workers. By completing courses, students gain skills that contribute to higher earnings, and graduates enjoy even higher returns.
- As a major employer and business entity, LLCC generates millions of dollars in local sales and wages and an estimated 900 jobs.
- The total economic impact of LLCC in the regional economy in fiscal year 2012 was estimated at $51.5 million.
- The annual rate of return on the investment in an LLCC degree is about 24.2 percent.
- An LLCC program graduate can expect a total lifetime earnings gain over a 40-year career of about $843,000, which is a 65 percent increase over the average total lifetime earnings of those not completing a community college program.
- On average, students who completed their LLCC education in FY ’11 saw a $4,698 increase in earnings over their pre-enrollment wages. When looking at just the completers of associate of applied science and long-term certificate programs, the first year earnings increase was $11,183.
- LLCC students who attended in 2002 paid an estimated $150 million in state taxes and $499 million in federal taxes between 2003 and 2012.
- In FY ’12, almost 690 full-time and part-time staff lived in the LLCC district with a total payroll of $33 million. In addition to wages and salaries, LLCC reported $14.8 million in operating and capital expenditures.
Read the complete economic impact study: Lincoln Land Report