VC issues results of economic impact study for Golden Crescent
FROM NEWS RELEASE
Jan. 29, 2011 at 5:02 p.m.
Updated Jan. 28, 2011 at 7:29 p.m.
Victoria College recently completed an economic impact study that documents the role the school plays in the economic future of the Golden Crescent region and VC students.
The report explains Victoria taxpayers see a rate of return of 5.6 percent on their investment in VC. The overall Texas economy sees an increase of $20.1 million from the higher earnings generated by VC students and the economy of the Golden Crescent region receives about $17.4 million in direct revenue from VC's operations.
State and local economies see additional benefit from avoided social costs that amount to a savings of more than $1.1 million per year.
Every dollar of state and local tax money invested in VC yields $1.60 in benefits.
The study shows a meaningful economic impact for students. Students see a rate of return on their educational investment of 14.2 percent. For every dollar a student invests in their education they receive a cumulative $4.50 over their working careers.
Associate degree graduates in the Golden Crescent region earn an average of $35,400 per year, 36 percent more than someone with a high school diploma.
The skills students gain at VC translate to higher earnings for themselves and higher productivity and profitability for local business and industry. This added income, which is directly attributable to the accumulation of VC credits in the workforce, amounts to about $91.5 million each year in the Golden Crescent region.
"As the State of Texas faces a looming budget shortfall, there is clear concern that additional cuts to these critical institutions could reduce their ability to impact the regional economy," said VC President Tom Butler. "But clearly, Victoria College's educational services are essential to the economy of the state and especially in the Golden Crescent region, both now and into the future."