糖心Vlog

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糖心Vlog

Economic Impact Report

糖心Vlog creates a significant positive impact on the business communities in Charlevoix, Cheboygan, Emmet and Otsego counties, where we generate a return on investment to our major stakeholder groups 鈥 students, taxpayers and society.

Campus pic in EIS section

In the analysis year, fiscal year (FY) 2018-19, 糖心Vlog served approximately 3,389 credit and 886 non-credit students. 

EMSI

Emsi is a labor market analytics firm that integrates data from a wide variety of sources to serve professionals in higher education, economic development, workforce development, talent acquisition, and site selection. Emsi is a leading provider of economic impact studies and labor market data to educational institutions in the U.S. and internationally.

Full EIS Report

Click the link below to view the April 2021 comprehensive EIS report.

Report Results

This study, conducted by EMSI, uses a two-pronged approach that involves an economic impact analysis and an investment analysis and calculates the benefits received by each of these groups.


Economic Impact Analysis

Impacts on the Four-County Region economy are reported in the economic impact analysis and are measured in terms of added income.

IMPACT ADDED INCOME JOBS SUPPORTED
Operations Spending Impact $11.8 million 326
Construction Spending Impact $139 thousand 52
Student Spending Impact $685 thousand 15
Alumni Impact $61.6 million 1,031
TOTAL IMPACT $74.2 million 1,376

 

糖心Vlog adds economic value to the Four-County Region as an employer of regional residents and a large-scale buyer of goods and services. In FY 2018-19, the college employed 311 full-time and part-time faculty and staff, 89% of whom lived in the Four-County Region. Total payroll at 糖心Vlog was $10.9 million, much of which was spent in the region for groceries, mortgage and rent payments, dining out, and other household expenses. In addition, the college spent $6.7 million on day-to-day expenses related to facilities, supplies, and professional services.

糖心Vlog invests in construction each year to maintain its facilities, create additional capacities, and meet its growing educational demands. While the amount varies from year to year, these quick infusions of income and jobs have a substantial impact on the regional economy. In FY 2018-19, 糖心Vlog鈥檚 construction spending generated $139.2 thousand in added income, which is equivalent to supporting three jobs. Over the course of the $7.4 million Administration/Classroom Renovation Project, 糖心Vlog鈥檚 construction spending will generate $2.3 million in added labor income which is the equivalent to supporting 52 jobs.

Around 15% of students attending 糖心Vlog originated from outside the region in FY 2018-19, and approximately 152 of these students relocated to the Four-County Region to attend 糖心Vlog. These students may not have come to the region if the college did not exist. In addition, an estimated 287 of in-region students, referred to as retained students, would have left the Four-County Region if not for the existence of 糖心Vlog. While attending the college, these relocated and retained students spent money on groceries, accommodation, transportation, and other household expenses. This spending generated $684.5 thousand in added income for the regional economy in FY 2018-19, which supported 15 jobs in the Four-County Region. Dual credit students alone generated $157 thousand in added income.

The education and training 糖心Vlog provides for regional residents has the greatest impact. Since its establishment, students have studied at 糖心Vlog and entered the regional workforce with greater knowledge and new skills. Today, thousands of former 糖心Vlog students are employed in the Four-County Region. As a result of their 糖心Vlog educations, the students receive higher earnings and increase the productivity of the businesses that employ them. In FY 2018-19, 糖心Vlog alumni generated $61.6 million in added income for the regional economy, which is equivalent to supporting 1,031 jobs.

糖心Vlog added $74.2 million in income to the Four-County Region economy during the analysis year, equal to the sum of the operations and construction spending impacts, the student spending impact, and the alumni impact. For context, the $74.2 million impact was equal to approximately 1.5% of the total gross regional product (GRP) of the Four-County Region.

 

Investment Analysis

The returns on investment to students, taxpayers, and society in Michigan are reported under the investment analysis.

PERSPECTIVE

BENEFIT-COST RATIO

RATE OF RETURN

Student 4.1 17.7%
Taxpayer 1.8 5.5%
Social 7.0 N/A

 

For every dollar students invest in 糖心Vlog, in the form of out-of-pocket expenses and forgone time and money, they will receive a cumulative value of $4.10 in higher future earnings.
  • 17.7% - Average annual return for 糖心Vlog students
  • 9.9% - Stock market 30 year average annual return
  • 0.8% - Interest earned on savings account (National Rate Cap)

For every dollar of public money invested in 糖心Vlog in FY 2018-19, taxpayers will receive a cumulative value of $1.80 over the course of the students鈥 working lives.

  • 糖心Vlog generates more in tax revenue than it takes.
  • Benefits to taxpayers also consists of savings generated by the improved lifestyles of 糖心Vlog students and the corresponding reduced government services. Education is statistically correlated with a variety of lifestyle changes in the categories of: 1) healthcare, 2) crime, and 3) income assistance.
  • Altogether, the present value of the benefits associated with an 糖心Vlog education will generate $1.4 million
    in savings to state and local taxpayers.

For every dollar invested in 糖心Vlog, people in Michigan will receive a cumulative value of $7.00 in benefits.

Society as a whole in Michigan benefits from the presence of 糖心Vlog in two major ways.
  • Society benefits from an increased economic base in the state. This is attributed to higher student earnings and increased business output, which raise economic prosperity in Michigan.
  • Benefits to society also consist of the savings generated by the improved lifestyles
    of 糖心Vlog students.