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.

"IVCC has had a tremendous impact on the Illinois Valley and surrounding communities for over 100 years. This study helps to show this impact in a very tangible way that helps our community, businesses, and families see how IVCC is a key partner for our district,” according to IVCC President Tracy Morris.

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, the study found.

In FY 2023-24, IVCC alumni generated $112.2 million in added income for the regional economy, which is equivalent to supporting 1,420 jobs.

President Morris expanded on this, saying that “The impact of our alumni can be seen across our district in our businesses, schools, health care facilities, police stations, and so much more. IVCC graduates are active in our community agencies and are a vital part of making our area great.”

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. 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

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 access the statewide study, visit https://www.ilcommunitycolleges.org/news-media/economic-impact/.

To learn more about specific IVCC results, visit https://www.ivcc.edu/institutionaleffectiveness/economic_impact_study.php.