A recent economic impact study found that in Fiscal Year (FY) 2017-18, Mitchell Community College added $193.9 million in income to the Iredell County economy, a value approximately equal to 2.2% of the county’s total gross regional product (GRP).
Expressed in terms of jobs, Mitchell’s impact supported 3,238 county jobs. The activities of Mitchell and its students support one out of every 31 jobs in Iredell County. The economic impact study found the following:
- The net impact of the college’s operations spending added $22.4 million in income to the county economy in FY 2017-18.
- The net impact of Mitchell’s construction spending in FY 2017-18 was $958.9 thousand in added income for Iredell County.
- The expenditures of students who remained in Iredell County to continue their education in FY 2017-18 added $5.5 million in income to the Iredell County economy.
- The net impact of Mitchell’s former students currently employed in the county workforce amounted to $165.1 million in added income in FY 2017-18.
- Mitchell’s FY 2017-18 students will receive $178.6 million in increased earnings over their working lives. This translates to a return of $4.60 in higher future earnings for every dollar students invest in their education. Students’ average annual rate of return is 22.4%.
- For every dollar of public money invested in Mitchell, taxpayers will receive $3.60 in return, over the course of students’ working lives. The average annual rate of return for taxpayers is 13.2%.
- For every dollar invested in Mitchell educations in FY 2017-18, people in North Carolina will receive $12.20 in return, for as long as Mitchell’s FY 2017-18 students remain active in the state workforce.
Mitchell creates a significant positive impact on the business community and generates a return on investment to its major stakeholder groups—students, taxpayers, and society. For more information on the data and findings included in this economic impact study, contact Eva Gifford, Executive Director of Institutional Research, at (704) 978-1344 or firstname.lastname@example.org.