Report Shows BCTC’s Impact on the Region’s Economy
Published on Mar 7, 2018
LEXINGTON, KY - Investments in Bluegrass Community and Technical College (BCTC) have had a significant effect on central Kentucky's economy.
Investments include expanded and improved facilities at BCTC, including the Newtown
Campus and the Advanced Manufacturing Center in Georgetown, which have increased access
to quality science, technology, engineering and math (STEM) courses and programs.
More than 300 students each year are receiving advanced technology training to serve manufacturing.
The Workforce Ready Skills Initiative funds from the Commonwealth and support by local partners provide additional workforce
capacity through renovations at the Leestown and Danville campuses.
Through these investments and others, the economic impact of BCTC reaches everyone in the community. Students receive an average $5.20 return on every dollar invested in attending BCTC, according to a new study by Emsi. Additionally, the study shows local taxpayers receive a $4.90 return on every investment dollar. Central Kentucky communities as whole benefit $11.90 in added state revenue and social services savings for every dollar invested in BCTC.
When considering the over 16,000 students, over 900 employees, and alumni of BCTC, the total impact is $160M in added income and 2,818 in supported jobs, annually.
The study was conducted in the fall of 2017 and results of the analysis reflect fiscal year 2015-16. The study demonstrates that BCTC creates value from multiple perspectives. The college benefits local businesses and the state's economy by
- increasing consumer spending in the state and supplying a steady flow of qualified, educated people into the workforce
- enriching the lives of students by raising their lifetime earnings and helping them achieve their individual potential
- benefitting state taxpayers through increased tax receipts across the state and a reduced demand for government-supported social services
- benefitting society as a whole in Kentucky by creating a more prosperous economy
- generating a variety of savings through the improved lifestyles of students.
About the study
Data and assumptions used in the study are based on several sources, including the fiscal year 2015-16 academic and financial reports from KCTCS and the individual colleges, industry and employment data from the U.S. Bureau of Labor Statistics and U.S. Census Bureau, outputs of Emsi's Multi-Regional Social Accounting Matrix model, and a variety of studies and surveys relating education to social behavior. The study applies a conservative methodology and follows standard practice using only the most recognized indicators of investment effectiveness and economic impact. For a full description of the data and approach used in the study, visit the KCTCS Better Lives for a Better Kentucky website for a copy of the main report.
Emsi, a CareerBuilder company, is a leading provider of economic impact studies and labor market data to educational institutions, workforce planners, and regional developers in the U.S. and internationally. Since 2000, Emsi has completed over 1,700 economic impact studies for educational institutions in four countries. Emsi has also conducted aggregate studies for 31 statewide community college systems. Visit www.economicmodeling.com for more information about Emsi's products and services.