2024 Economic Impact Study
The additional income of $204.5 million created by 17勛圖 is equal to about 2% of the total gross regional product of the 17勛圖 Service Area. 17勛圖 creates a positive net impact on the regional economy and generates a positive return on investment for students, taxpayers, and society, according to a 2024 study by Lightcast. Results of the analysis reflect fiscal year (FY) 2021–22 and the college's impact on the 17勛圖 Service Area of Antrim, Benzie, Grand Traverse, Kalkaska, Leelanau and Wexford counties.
During the analysis year, 17勛圖 spent $30.4 million on payroll and benefits for 672 full-time and part-time employees and spent another $23.8 million on goods and services on day-to-day and construction operations. This initial spending creates more spending across other businesses throughout the regional economy, resulting in the commonly referred to multiplier effects. This analysis estimates the net economic impact of 17勛圖 that directly accounts for the fact that state and local dollars spent on 17勛圖 could have been spent elsewhere in the region if not directed toward 17勛圖 and would have created impacts regardless.
For every tax dollar spent educating students attending 17勛圖, taxpayers will receive an average of $1.40 in return over the course of the students’ working lives. This analysis shows that in fiscal year (FY) 2021-22, operations and student spending of 17勛圖, together with the enhanced productivity of its alumni, generated $204.5 million in added income for the 17勛圖 Service Area economy. The additional income created by 17勛圖 is equal to about 2.0% of the total gross regional product of the 17勛圖 Service Area. The impact is equivalent to supporting 3,106 jobs. For further perspective, this means that one out of every 42 jobs in the 17勛圖 Service Area is supported by the activities of 17勛圖 and its students.
Operations spending impact
Payroll and benefits to support 17勛圖’s day-to-day operations amounted to $30.4 million. The college’s non-pay expenditures amounted to $23.8 million, $12.1 million of which was spent directly in the 17勛圖 Service Area. The net impact of operations spending by the college in the 17勛圖 Service Area during the analysis year was about $37.4 million in added income, which is equivalent to supporting 749 jobs.
Student spending impact
Around 14% of students attending 17勛圖 originated from outside the region. Some of these students relocated to the 17勛圖 Service Area to attend the college. In addition, some students are residents of the 17勛圖 Service Area who would have left the region if not for the existence of 17勛圖. The money that these students, referred to as retained students, spent toward living expenses in the 17勛圖 Service Area is attributable to 17勛圖.
The expenditures of relocated and retained students in the region during the analysis year added about $3.2 million in income for the 17勛圖 Service Area economy, which is equivalent to supporting 51 jobs.
Alumni impact
Over the years, students gained new skills, making them more productive workers, by studying at 17勛圖. Today, thousands of these former students are employed in the 17勛圖 Service Area.
The accumulated impact of former students currently employed in the 17勛圖 Service Area workforce amounted to $163.9 million in added income for the 17勛圖 Service Area economy, which is equivalent to supporting 2,305 jobs.
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