Central Ohio Technical College is pleased to share results from a recent Economic and Fiscal Impact Analysis, conducted by an independent firm, Impact Data Source.
According to the research study, during fiscal year 2011-2012, COTC and Ohio State Newark employed a total of 688 faculty and staff, paid $32.7 million in wages and benefits and spent $9.8million in other operating expenditures. Students attending the shared campus received more than $31.3 million in financial aid in the form of scholarships and loans, combined. In short, the impact of the shared campus of COTC and Ohio State Newark is greater than the institutions’ direct spending and employment, overall. Expenditures spur additional spending, setting in motion a chain reaction of additional indirect and induced spending, according to the study. These economic ripple effects impact the local economy in quantifiable ways.
Our work involves so many people, and the result of our work is both rewarding and interesting when we look at the broad scope, as well as the individual impact,” stated Bonnie L. Coe, Ph.D., COTC President. “It matters to us in terms of every life that is enhanced, as well as the myriad of businesses and organizations throughout the region who benefit from the patronage of our employees, students, and graduates.
In total, combining direct, indirect, and induced economic impacts, the institutions supported 954 jobs, $46.8 million in workers’ earnings and $77.8 million in economic output or sales in Licking County, according to the study.
It is worth noting that, in addition, the socioeconomic benefits to higher education can be summarized by a better life for the individual and reduced costs to society. As outlined in the study, the more education an individual obtains, the more likely they will become a productive member of society. Investments made in education, by individuals and as a community, will pay dividends now and in the future.