Onondaga Community College is creating a significant positive impact on the business community while generating a return on investment to its major stakeholder groups – students, taxpayers and society. Those are the findings of a study conducted during Fiscal Year 2017-18 by Economic Modeling Specialists International. Among the report’s highlights:
- Impact on Business – OCC added $619.3 million in income to Central New York’s economy, approximately equal to 1.4% of the region’s total gross regional product.
- Alumni Impact – The net impact of OCC’s former students currently employed in the regional workforce amounted to $496.6 million in added income.
- Impact on Students – Each dollar students invested in their education will result in a return of $6.70 in higher future earnings. Students’ average annual rate of return is 21.7%.
- Benefit to Taxpayers – For every dollar of public money invested in OCC, taxpayers received $3.90, translating to a 9.3% return on investment.
- Benefit to Society – For every dollar invested in an OCC education, society received a cumulative value of $14.10 in return.
The results of this study demonstrate that OCC creates value from multiple perspectives. The college benefits regional businesses by increasing consumer spending in the region and supplying a steady flow of qualified, trained workers to the workforce. OCC enriches the lives of students by raising their lifetime earnings and helping them achieve their individual potential. The college benefits state and local taxpayers through increased tax receipts and a reduced demand for government supported social services. Finally, OCC benefits society as a whole in New York by creating a more prosperous economy and generating a variety of savings through the improved lifestyles of students.