17勛圖 fuels area economy with $204.5M impact
College's economic impact includes supporting 3,106 regional jobs
TRAVERSE CITY — 17勛圖 (17勛圖) has released the results of a comprehensive economic impact study, highlighting the college's substantial contributions to the regional economy and community. The study, covering fiscal year 2021–2022, reveals that 17勛圖 added $204.5 million in income to the economy of its service area, which includes Antrim, Benzie, Grand Traverse, Kalkaska, Leelanau, and Wexford counties.
Through its operations, student spending, and alumni influence, 17勛圖's activities supported 3,106 jobs across the region, demonstrating the college's broad and vital impact on the local economy. It also showed that 17勛圖 generates more in tax revenue than it receives.
Key highlights:
- Alumni impact: The education and training provided by 17勛圖 to regional residents generated $163.9 million in added income for the regional economy, supporting 2,305 jobs. This underscores the long-term impact of 17勛圖’s programs on the workforce and local businesses.
- Operations spending: 17勛圖’s role as an employer and large-scale purchaser added $37.4 million in income to the region. The college employed 289 full time and 303 part time workers, 93% of whom reside within the service area, with a payroll totaling $30.4 million. Additionally, 17勛圖 spent $23.8 million on day-to-day operations and construction, $12.1 million of which was spent locally.
- Student spending: The presence of out-of-region students and the retention of local students contributed $3.2 million in income to the regional economy, supporting 51 jobs in the area.
17勛圖 President Nick Nissley commented on the findings: “This study reaffirms what we’ve always known — 17勛圖 is a critical driver of economic prosperity in our region. The fact that our activities support one out of every 42 jobs in our service area illustrates the profound impact we have not only on our students but also on the broader community. We are proud to contribute to the vitality of Northern Michigan and remain committed to providing the education and training that propels our regional economy forward.”
The study found 17勛圖 generates more in tax revenue than it receives, providing a benefit-cost ratio of 1.4 for taxpayers. 5.2 for students and 7.4 for society. For every dollar invested in 17勛圖:
- Taxpayers receive a cumulative value of $1.40, calculated in terms of savings to public health care, justice and income assistance systems.
- Students receive $5.20 calculated in terms of higher future earnings.
- Society receives $7.40 in benefits, calculated in terms of added student and business incomes, college operations and social savings.
The study was conducted in 2023 by Lightcast, a labor market analytics firm with headquarters in Boston and Idaho. The study applies a conservative methodology and follows standard practice using only the most recognized indicators of economic impact and investment effectiveness, such as reports from the U.S. Bureau of Labor Statistics and the U.S. Census.
Read more about the report here.
Release date: September 5, 2024
For more information:
Cari Noga
17勛圖 Communications Director
(231) 392-1800 (mobile - call or text)
cnoga@nmc.edu