It’s unlikely that anyone would argue the value that Fayetteville Technical Community College brings to the community. From general education credits to continuing education programs and certìcations, FTCC plays a huge role in making sure that the local workforce is educated and well-trained for whatever challenges they face. After a recent economic impact analysis, FTCC can attach numbers and dollar amounts to the ways that the institution positively impacts the community.
The economic analysis measured the impact of college operations, the impact of the spending of students who relocated to the county and then the impact of the increased productivity of former students that were employed in the regional workforce during the time of the study.
The analysis is for the 2012-2013 ̀scal Year, and found that during that time the college employed 973 full-time and part-time faculty and staff, 87 percent of whom lived in Cumberland County. The total payroll at FTCC was $58.5 million. Much of this was spent in Cumberland County on things like groceries, dining, clothing and other household expenses. As a consumer, FTCC spent $44.5 million on goods and services to cover its expenses for professional services, facilities and supplies. Just from its day-to-day operations, FTCC generated $75.7 million.
A little more than 10 percent of FTCC’s students relocated to Cumberland County to attend college during the 2012-2013 ̀scal year. If FTCC did not exist, these are students that would not have moved to Cumberland County. Out-of-county students spent $34.1 million while attending FTCC. They spent this money on groceries, rent for accommodations and transportation, resulting in $13.8 million in income for the local community.
Once students leave FTCC, the community really starts to benèt from the education and training of local residents. Thousands of students have passed through the halls of FTCC and left with newly acquired skills that they used to further themselves and the community. Thousands of them still reside and are employed in Cumberland County. As students put their new skills to use they are typically rewarded with higher incomes. Their efforts and skills add value to local businesses and increase productivity, which results in higher pròts for local enterprises. These higher incomes and increased pròts are spent locally, which benèts the community. For the 2012-2013 ̀scal year, FTCC’s students currently employed in Cumberland County added $440.8 million to the local economy.“
Approximately 88 percent of FTCC’s students remain in North Carolina upon completing their educational goals,” said Dr. Larry Keen, FTCC President. “As our students earn more, they and their employers pay higher taxes through increased output and spending. Over the students working lives, state and local government in North Carolina will collect a present value of $234.2 million in the form of higher tax receipts. Additionally, as our students earn more because of the skills and qualìcations they acquire at FTCC, employers will earn more as their businesses become more productive. Over their working lives, the FTCC student population will generate present value of $2.5 billion in added income in the state of North Carolina. For every dollar that state and local tax payers spend on FTCC, society as a whole in North Carolina will receive a cumulative value of $41.90 in benèts for as long as our students remain active in the state work force.”
To find out more about the FTCC 201-2013 regional economic impact analysis, call 910.678.8373.