The Economic Impact of Lansing Community College: $1 Billion
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.
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.
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.