April 13, 2023

Economic Impact Study Reveals FGC as Good Investment for Students and Community

Share

Share this post

• Twitter
• Facebook
• eMail
• Copy URL Copy

A newly completed study on the economic impact of Florida Gateway College on its five-county service district shows that FGC provides substantial support to the wealth and growth of the region. The study, commissioned by FGC and conducted by Lightcast, examined data from fiscal year 2020-21 and evaluated the economic value of the college and return on investment for students, taxpayers, and society, finding that the college provides a net gain in all areas.

“This is part of our mission as a college,” said FGC President Dr. Lawrence Barrett. “We receive incredible support from the community, both moral and financial. To know that we are contributing as a crucial part of the local economy and truly giving back is important to us. We can move forward knowing that our value to the region is real. The results of this study show that an investment in FGC is a wise one.”

The findings show that the college has a total annual impact of $63 million of added income in the region, the equivalent of 1,199 jobs supported. One out of every 48 jobs in the district is supported by the activities of FGC and its students. FGC alumni living, working, and spending in the district add $40.5 million in income to the community, supporting 680 jobs. The report found $19.6 million in added income from FGC operational spending and $1.7 million from construction projects.

By offering high-quality, affordable education, FGC attracts students to its five-county service district, as well as retaining local students who may otherwise go elsewhere for educational opportunities. Approximately 29% of FGC students originate from outside the five-county district. Students moving to, and remaining in, the area become a part of the local customer and taxpayer bases, further contributing to a healthy and growing local economy.

In addition to the college’s impact on the district’s economy at large, the study evaluated the direct financial return on investment for stakeholders and found that FGC contributes far more than it takes in. For each dollar a student spends on their education at FGC, they gain $7.50 in lifetime earnings. This equates to an annual rate of return of 23.3%, far outperforming the stock market’s 30-year average of 10.5%.

The report also finds that the higher lifetime earnings and increased productivity of the college’s students, along with the social benefits of a more highly educated population, provide a net gain for taxpayers and for society as a whole.