Ivy Tech Reports Economic Impact on State
Ivy Tech South Bend campus. (IIB photo courtesy: Wes Mills)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA new study conducted by Emsi, a labor market data company, indicates Ivy Tech Community College has an annual economic impact of $3.9 billion throughout the state. The study, based on 2018-29 data, focuses on job creation, salaries, and increased business productivity, among other factors.
The 2020 Ivy Tech Community College Economic Impact Report shows the college supports the equivalent of nearly 57,000 jobs of which nearly 7,500 are full or part time faculty and staff. Ivy Tech says payroll accounts for about $300 million.
Emsi’s study shows alumni have the greatest impact on the state because of higher earnings and increased productivity of the businesses that employ them. According to Emsi data, in FY 2018-19, Ivy Tech alumni generated $3.6 billion in added income for the state economy.
“Ivy Tech’s impact goes well beyond the benefits students derive from their education,” said Sue Ellspermann, president of Ivy Tech. “When the College’s students enter the workforce, they bring with them valuable skills acquired through their education, resulting in increased productivity for their employers. That has a lasting impact on our state and the dozens of communities where our students live and work.”
The study found that students invested $502.8 million in time and money that will generate a cumulative return of $2.2 billion in higher future earnings over their working careers.
Click here to view the report.