Colleges positively affect economy

BY BRUCE BRANUM

The Greenville Standard

 

The Alabama Community College System (ACCS) recently released a report by Lightcast, a global leader in labor market analytics, which indicate LBW Community College (LBWCC) and Reid State Technical College (RSTC) have major effects upon area economies.

The report indicated LBWCC students and alumni contributed $60.8 million to the college’s service area economy. It is an amount equal to one out of every 64 jobs.

For RSTC, the report indicated the college impacted the region’s economy by $33.6 million

Overall, the ACCS impacts the state’s economy by $8.1 billion.

Lightcast analyzed data using Fiscal Year (FY) 2023-24 academic and financial reports from Alabama’s community and technical colleges, the Alabama Technology Network, as well as industry and employment data from the Bureau of Labor Statistics and the U.S. Census Bureau.

In FY 2023-24, LBWCC alumni generated $40.3 million in added income, supporting 716 jobs, while RSTC alumni generated $23.8 million in added income, supporting the equivalent of 415 jobs

The Lighthouse study showed that for every dollar $1 invested by students in their education, LBWCC students could expect to gain $6.60 in lifetime earnings, while RSTC students could expect to gain $6.50 in lifetime earnings.

“LBW’s economic impact is a testament to the value of a community college education, not only for our students but also for the businesses and industries that rely on a skilled workforce,” said LBWCC President Dr. Brock Kelley.

Reid State President, Dr. Coretta Boykin, said the report indicates that Reid State’s investments into maximizing training for local residents is “transforming lives and changing generations” for years to come.”

LBWCC’s primary service area includes Butler, Crenshaw, Covington, Coffee, and Geneva counties.

RSTC’s primary service area includes Butler, Conecuh, Covington, Escambia, Monroe, and Wilcox counties.

LBWCC’s traditional enrollment for FY 2023-24 LBWCC was 2,827, while RSTC enrollment stood at 577.