Owensboro Community & Technical College (OCTC) just received new data that quantifies the significant financial and societal impact that it has on the economic vitality of citizens and the service area.
The independent study found that OCTC generated $196.5 million in added income in its service area during the fiscal year 2022-23. For this analysis, the OCTC Service Area is comprised of Daviess, Ohio, Hancock, and McLean counties in Kentucky.
The economic impact study concluded that for every $1 dollar: (1) OCTC students earned an additional $ 7 in lifetime earnings (30.8% ROI); and (2) taxpayers gained $4.20 in added tax revenue and public-sector savings (12.3% ROI).
OCTC President Dr. Scott Williams commented, "This is an excellent way for us to see how we are impacting the region as a whole in pure economic terms. It is also a good measure of how our students benefit financially, which is significant."
The additional income of $196.5 million created by OCTC is equal to approximately 2.4% of the total gross regional product of the service area.
In terms of jobs, the impact of $196.5 million is equivalent to supporting 2,470 jobs. For further perspective, this means that 1 out of every 32 jobs in the service area is supported by the activities of OCTC and its students.
Other key points from the report include:
The average associate degree graduate from OCTC will see an increase in earnings of $9,400 each year compared to someone with a high school diploma working in Kentucky.
The impact of the increased earnings of OCTC alumni and the businesses they work for represents $174.9. million in added income, an economic boost similar to hosting the World Series 27 times.
The operations spending impact for payroll and other spending was $16.8 million in added income, enough to buy 358 new cars.
The impact of daily spending of OCTC students, $4.8 million, attracted or retained in the state is enough to buy 389 families a year of groceries
The full findings will be posted on our web and we will share the link once that is completed.
The comprehensive report was conducted by Lightcast, a well-respected labor market analytics firm. The report drew from a wide range of sources, including academic and financial reports from the colleges, and pertinent industry and employment data from sources such the U.S. Bureau of Labor Statistics and Census Bureau.
To view the report and supporting documents, please visit https://owensboro.kctcs.edu/economic-impact/.
