Fayetteville Technical Community College has compiled data reflecting that in FY15, FTCC ‘s total impact on the Cumberland County economy was
$697.4 million in added income, which is equal to 3.4 percent of the region’s Gross Regional Product. A regional economic impact analysis was conducted by Economic Modeling Specialist International based in Moscow, Idaho. It examined the impact of FTCC on the local business community through increased consumer spending and enhanced business productivity.
The results were measured in terms of added income, and were organized according to three effects: 1) impact of college operations; 2) impact of the spending of students who relocated to the county, and; 3) impact of the increased productivity of alumni who were employed in the regional workforce during the analysis year.
Impact of college operations: In Fiscal Year 2015, the college employed 1,501 full-time and part-time faculty and staff. Payroll at FTCC amounted to $57 million, much of which was spent in Cumberland County for groceries, eating out, clothing and other household goods and services. The college spent another $46.2 million in support of its day-to-day operations. The net impact of college payroll and expenses in Cumberland County during the analysis year was approximately $69.9 million in added income.
Impact of student spending: Approximately 16 percent of students attending FTCC came from outside the county. Some of these students relocated to Cumberland County. In addition, some students would have left the county if not for FTCC. These relocated and retained students spent money on groceries, transportation, rent and more at local businesses. Their expenditures during the analysis year added approximately $28.5 million in income to the Cumberland County economy, the study concluded.
Impact of alumni productivity: Over the years, students who studied at FTCC entered or re-entered the workforce with newly-acquired skills.
Thousands of these former students are employed in Cumberland County.
Their accumulated contributions amounted to $599.1 million in added income during the analysis year. That’s the equivalent of 7,517 jobs .
“Approximately 88 percent of FTCC’s students remain in North Carolina upon completing their education 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
$227.6 million in the form of higher tax receipts,” he added. Keen noted that “employers will earn more as their businesses become more productive.” It’s estimated that over their working lives, FTCC’s student population will generate a present value of $2.6 billion in added income in North Carolina.
Fayetteville Area Industrial Education Center was established in 1961, two years before the statewide community college system was formally established. It became Fayetteville Technical Institute (FTI) in 1963 and was renamed Fayetteville Technical Community College in 1988 to broaden the public image of technical and vocational postsecondary education and job training opportunities. Today, FTCC is the fourth largest school in the system serving over 40,000 students annually by providing over 200 occupational, technical, general education, college transfer, and continuing education programs. For more information visit FTCC’s website at www.faytechcc.edu.