Western Nebraska Community College added $141.1 million of income to the region over
the 2015-16 fiscal year according to a recent study conducted by Emsi, a national
labor market data firm.
That means WNCC's impact was equivalent to 3.2 percent of the Gross Regional Product
(GRP) in the Western Community College Area (WCCA) region.
That means WNCC and its students support one out of every 23 jobs in the WCCA service
area.
And that means WNCC is a significant driving force in the regional economy.
"We are proud of the role WNCC plays in the Nebraska Panhandle and beyond," said WNCC
President Dr. Todd Holcomb. "This study offers tremendous perspective on the magnitude
of WNCC's reach in the area, and supports our efforts in fulfilling our vision to
positively impact the education and well-being of every student, employer, and community
member in the Nebraska Panhandle region."
WNCC's $141.1 million of total income impact is highlighted by $116.3 million added
from WNCC alumni and $20.5 million in operational spending, which accounts for WNCC's
payroll, along with what the institution spent in the area to cover expenses for facilities,
professional services, and supplies.
Student spending accounted for $8.2 million of income added to the regional economy,
while $101.1 thousand was pumped into the community in construction spending.
Emsi's report also showed WNCC generated more tax dollars than it received, producing
a 1.4 benefit-cost ratio to taxpayers. During the 2015-16 fiscal year, WNCC received
$25 million in tax support and created $34.5 million in benefits for the community,
which primarily included taxes the state and local government will collect from the
added revenue created in Nebraska.
Broken down, that means for every tax dollar paid to WNCC, $1.40 was returned to the
area.
"While the student's success is always a top priority at WNCC, being fiscally responsible
with taxpayer money is at the forefront of every decision, and I think this report
speaks to that," Holcomb said.
WNCC was equally as valuable to students, the report found. During the analysis period,
students paid $5.2 million toward WNCC for tuition, fees, interests on loans, books,
and supplies, and passed up $18.6 million in time and money by attending college,
creating a total $23.8 million investment to the College.
However, on average, those who earn an associate degree from WNCC earn $7,700 more
per year than those with a high school diploma or equivalent in Nebraska. That equates
to about $117.4 million collectively over their working careers - or a 20.4 percent
average annual rate of return.
For perspective, that number shows WNCC's impact on students outperforms the stock
market, which delivered an average return of 10.1 percent over the last 30 years.
"Helping create quality future careers and opportunities for students is at the heart
of our mission and values," Holcomb said. "In that sense, this data verifies that
WNCC continues to be an essential investment for our communities."
Emsi, an independent company, has completed economic impact studies and labor market
data to educational institutions, workforce planners, and regional developers since
2000.