Economic Impact Study
A recent report, “The Economic Value of Illinois Valley Community College,” highlights the powerful and lasting impact IVCC has on the Illinois Valley region.
The study, which reflects fiscal year 2023-2024 data, shows that IVCC strengthens local economies through operations, construction, and student spending, and transforms the lives of its students immediately and in the long term because the graduates it trains continue to work, shop and support their communities over the years.
Total Impact
By supplying trained workers to industries, IVCC enhances overall productivity in the regional workforce, benefitting state and local government through increased tax revenues and public sector savings.
IVCC added $142.7 million in income to the Illinois Valley economy during the analysis year, which is equal to approximately 1.8% of the total gross regional product (GRP) of the Illinois Valley. That impact supported 1,949 regional jobs, or one out of every 37 jobs in the region across all industry sectors.
IVCC’s greatest impact is the education and training it provides for the thousands of students who entered the regional workforce with greater knowledge and new skills. As a result of their education at IVCC, the students receive higher earnings and increase the productivity of the businesses that employ them.
Student Spending and Alumni Impact
IVCC helps students improve their employability and achieve their individual potential. It keeps some prospective students from leaving in search of education or employment, while drawing others to the region. Those students spend money on living expenses, supporting businesses and adding $4.4 million in income to the local economy. That expenditure supported 84 jobs in the Illinois Valley, which is equivalent to buying 302 families of 4 a year's worth of groceries.
In FY 2023-24, IVCC alumni generated $112.2 million in added income for the regional economy, which is an economic boost similar to hosting the World Series 17 times or 1,420 jobs supported.
Operations and Construction Spending Impact
IVCC’s operations spending added $25.3 million in income to the region during the analysis year, which is equivalent to supporting 437 jobs or buying 535 new cars.
IVCC’s capital projects each year provide quick infusions of income and jobs that impact the regional economy. Construction spending generated $852,000 in added income, which is equivalent to supporting nine jobs.
Investment Analysis
In FY 2023-24, IVCC served 6,876 students, whose payments for tuition, fees, books, and supplies or interest-incurring loans resulted in a total investment of $16.7 million. The skills they gained through IVCC will help increase their future earnings.
The results of the analysis demonstrate that IVCC is a strong investment: Students receive a great return for investing in an education, taxpayers’ investment in IVCC returns more to government budgets than it costs, and the college generates a wide range of social benefits throughout Illinois. For every dollar invested in IVCC:
- Students gain $3.80 in higher lifetime earnings
- Taxpayers gain $1.20 in added tax revenue and public sector savings
- Society gains $5.80 in added income and social savings
The statewide study also looked at key Illinois community college impact findings that include:
- 538,541 students served during FY 2023-24
- $27.2 billion total economic impact
- 324,000 jobs supported, or 1 of every 26 jobs statewide
- $1.8 billion generated through college operations
- $385.5 million added through student spending
- 25 billion in economic impact from alumni contributions
For every $1:
- students gain $3.80 in higher lifetime earnings,
- taxpayers gain $1.20 in added tax revenue and public sector savings,
- society gains $5.80 in added income and social savings.
The state and IVCC studies were conducted by Lightcast in partnership with the Illinois Community College Board (ICCB), the Illinois Council of Community college Presidents, the Illinois Community College Trustees Association and the Illinois Community College System Foundation.
To learn more about specific IVCC results, contact IE_Office@ivcc.edu.