(Photo courtesy of COCC)
Central Oregon Community College contributes $349.2 million in added income to the Central Oregon economy each year and supports 4,136 regional jobs — equivalent to approximately one out of every 41 jobs in the region — according to a new independent economic impact study conducted by Lightcast.
The study examined COCC’s economic impact and return on investment using fiscal year 2023-24 data. It found that the College’s impact extends well beyond its campuses, as students and alumni contribute to the workforce, businesses benefit from a more skilled talent pool, and taxpayers and communities realize long-term economic and social benefits.
Among the study’s key findings:
· $349.2 million in annual economic impact: COCC’s operations, students, alumni and other activities generate an economic impact equivalent to approximately 2% of the regional economy.
· 4,136 jobs supported: COCC’s economic activity supports approximately one in every 41 jobs in the region.
· $257.8 million in alumni impact: Former COCC students working in the region represent the largest component of the College’s economic impact through their added earnings and increased business productivity.
· $4.40 returned to students: For every $1 students invest in their COCC education, they receive an estimated $4.40 in higher future earnings.
· $9,000 more in annual earnings: On average, a COCC associate degree graduate earns approximately $9,000 more each year than someone whose highest level of education is a high school diploma.
· $2 returned to taxpayers: For every $1 of public money invested in COCC, taxpayers receive approximately $2 in added tax revenue and public-sector savings.
· $5.90 in societal benefits: For every $1 invested in COCC, society receives an estimated $5.90 through increased earnings, economic growth and social savings.
“These numbers reinforce something we see every day at COCC: When we create opportunities for students, the benefits ripple throughout Central Oregon,” said COCC President Greg Pereira. “Our graduates become nurses, teachers, business owners, skilled tradespeople and community leaders. Their success strengthens our workforce, our businesses and the communities we serve.”
The largest component of COCC’s economic impact comes from its alumni. Lightcast estimates that the added earnings of former students currently working in the region, along with the increased productivity those skills provide to employers, generate $257.8 million in added regional income annually.
The study also demonstrates the financial value of education for individual students. In addition to the $4.40 in higher future earnings generated for every dollar students invest, Lightcast estimates an annual rate of return of 17.9% on students’ educational investment.
“COCC’s impact isn’t limited to what happens in our classrooms or on our campuses,” Pereira said. “It continues every time a graduate brings new skills to an employer, advances in a career, starts a business or puts their education to work in their community.”
The study was conducted by Lightcast, a global provider of labor market analytics that has completed more than 3,000 economic impact studies for higher education institutions. The analysis considers College operations, student spending, construction and the long-term impact of alumni, while also evaluating the return on investment for students, taxpayers and society.
