Glen Oaks Community College (GOCC), Centreville, has released new data that shows how much it contributes to the local economy and students’ lives.

The study of fiscal year 2021-2022 leveraged data from GOCC’s academic and financial reports and employment data from the U.S. Bureau of Labor Statistics and U.S. Census Bureau. GOCC said the study demonstrates how the community college enriches the GOCC Service Area, including parts of Branch, Cass, and St. Joseph counties in Michigan.

“GOCC contributed $39.9 million to the local economy, supporting 665 jobs and equating to 1.6% of the total gross regional product (GRP) of the GOCC Service Area, which encompasses 13 zip codes across Branch, Cass, and St. Joseph counties,” the college stated.

Other information from the study includes:

• The college’s operations, including a payroll of $8.6 million and additional spending on goods and services, injected $9.6 million into the local economy.
• Investment in infrastructure and student spending, particularly those from outside the area, added nearly $1 million to the regional economy.
• Former students, now integrated into the local workforce, added $29.3 million in income, showcasing the long-term benefits of GOCC’s educational programs.

“Glen Oaks continues to be a vital economic engine and a transformative presence in the lives of our students and the community,” former GOCC President Dr. David Devier said. “This study quantifies our impact, demonstrating the significant return on investment for our students, taxpayers, and society.”

Those investment returns were analyzed in the study:

• There is a benefit-cost ratio of 6.3 for students, indicating that for every dollar spent on education at GOCC, students are expected to earn $6.30 in increased future earnings, translating to an annual rate of return of 20.8%.
• With $11.2 million in funding provided to GOCC, the taxpayers are set to see a return of $14 million in tax revenues and public sector savings, resulting in a benefit-cost ratio of 1.3 and an annual rate of return of 1.3%.
• The broader societal investment of $20.6 million in GOCC is forecasted to yield $153.9 million in economic and social benefits, thanks to increased earnings, business outputs, and savings from improved public health and reduced public assistance needs. This results in a benefit-cost ratio of 7.5.

Lightcast, a provider of labor market data, assisted in the analysis using its Multi-Regional Social Accounting Matrix model.

Download a full copy of the study: https://www.glenoaks.edu/wp-content/uploads/2024/07/GOCC-MainReport.pdf

The study can be found on the Glen Oaks website Transparency Reporting page: https://www.glenoaks.edu/about-us/transparency-reporting/