DSCC Generates Economic Impact of $61 Million
Dyersburg State Community College (DSCC) pumped an average of $61 million each year into the local economy over the past five years, a recent study shows. The analysis of the economic impact of the College on its service area revealed that the value of business volume and individual income generated amounted to about $306 million in the 2013-2018 period, and at least 10,922 jobs were created.
The study shows that local business volume—the total amount generated locally by businesses from the College’s direct and indirect expenditures—was $153 million for the five-year period. Of that total, more than $125 million came from non-local revenues, such as state appropriations, state/federal contracts and grants, and state/federal student financial aid revenues.
Although DSCC had an average of only 221 full-time-equivalent employees per year during the period, the total employment created by the College’s expenditures was estimated at 10,922 jobs for the five years. Of that number, 8,850 jobs were created by external or new funds. Using the more conservative of two different calculations, the study estimated that the impact of the College’s expenditures on individual income amounted to $153 million during 2013-2018, of which $129 million came from external or new funds.
Of the College’s $306 million total economic impact, more than $254 million ($51 million per year) could be attributed to the infusion of new non-local revenues. This impact would likely not have occurred without the presence of DSCC in the area.
The economic impact study notes that each dollar of local revenue coming into DSCC generated a “return on investment” of about $2.93 in local business volume. The individual income return on investment was at least $2.94, for a total ROI of at least $5.87 on the local dollar.
The study also estimated that an associate degree graduate could expect to earn about $470,000 more over their work lifetime than if they only had a high school diploma. For the most recent class of DSCC graduates, this difference could mean an additional $169 million in lifetime earnings, plus about $682,000 in additional annual tax payments.
Finally, the study described a number of benefits to society that are proven to accompany higher levels of education, including lower unemployment, reduced poverty, decreased crime and incarceration rates, improved personal health, etc.
The results of this economic impact study clearly demonstrate that DSCC continues to be a major contributor to the economic base of Northwest Tennessee. This economic impact is expressed in this study in terms of jobs created, business volume generated and personal income earned.