LYNCHBURG, VA – According to a new study performed by Lightcast, Central Virginia Community College (CVCC) generated $224.6 million annually in economic activity throughout the regions it serves in FY 2021-22. This amount is equal to nearly two percent (1.7%) of the total gross regional product (GRP) of CVCC’s service area. For perspective, the impact of CVCC is nearly as large as the region’s entire transportation and warehousing industry. This added income is also the equivalent of supporting 3,506 jobs.
The study, titled The Economic Value of Central Virginia Community College, assesses the impact of CVCC on the regional economy and the benefits generated by the college for students, taxpayers, and society. The results of the study show that CVCC creates a positive net impact on the regional economy and generates a positive return on investment for students, taxpayers, and society.
“CVCC plays a vital role in our community,” said CVCC’s President Dr. John Capps. “Through job creation and fostering economic growth, the college generates a positive return for taxpayers and contributes to the overall well-being and prosperity of the region.”
For every dollar invested in learning at CVCC, students gain $6.90 in higher future earnings, an annual rate of return of 23.5%. In addition, taxpayers see a net benefit of $2.60 in added tax revenue stemming from students’ higher lifetime earnings and increased output by businesses and public sector savings.
When compared to a person with a high school diploma or equivalent, the average community college graduate with an associate degree will see an increase in earnings of $9,800 annually.
CVCC’s Impact on the Commonwealth:
According to the Lightcast report, in Fiscal Year 2021-22, the people in Virginia invested $43.5 million to cover the college’s expenditures, including student expenses and student opportunity costs, with an estimated return on investment of $391.3 million (at present value) in added state revenue over the course of the students’ working lives.
Over the long term, for every dollar invested in CVCC, the people of Virginia will receive a cumulative value of $9.20 in benefits. The Commonwealth will also benefit from an estimated $7.6 million in present value social savings related to reduced crime, lower welfare and unemployment assistance, and increased health and well-being across Virginia.
An executive summary of the Lightcast study can be found here.