The Florida College System generates a vast array of benefits for its students, communities, and the state of Florida. A March 2013 report from Economic Modeling Specialists, Inc. (EMSI) details the significant role the system plays in the local and regional economy. The report was commissioned by the Florida College System Foundation and the system's Council of Presidents.
In addition to examining the impact of college and student spending, EMSI also looked at impacts created by the accumulated skills and higher productivity of students in the workforce. Here are a few highlights from the 2013 Economic Contribution of the Florida College System report:
The total effect of the Florida College System on the Florida economy based on student productivity gains, college operations, and student spending is $26.6 billion.
The state government sees a rate of return of 9.4% on its investment in the Florida College System.
For every dollar of support, taxpayers see a cumulative return of $2.90 over the course of students' careers.
Students enjoy an attractive 16.8% average rate of return on their educational investment, recovering all costs (including tuition, fees, and forgone wages) in 9.1 years. Compare that to the historical average rate of return for the stock market of 9.9% and recent 2- year certificates of deposit (CD) of between .25% and 1.20%.
Florida also benefits from improved health and reduced welfare, unemployment, and crime that accompany a more educated population.
93 percent of Florida College System students remain in Florida and contribute to the state's economic growth.
The economic impact full report provides a look at the investment from the student, social, and taxpayer perspectives. It also provides an economic growth analysis that includes the effect of college operations, student spending, productivity and transfer. The report materials are available below.
Read full reports: http://www.fldoe.org/fcs/economicimpact.asp
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