The results of an economic impact study conducted for Central Piedmont Community College found the institution contributes $827.7 million annually to the Mecklenburg County economy, an amount equal to 0.7 percent of the county’s gross regional product.
Central Piedmont’s measured annual $827.7 million economic impact includes $139.9 million in operations spending, $35.6 million in construction spending, $30.8 million in student spending, and a $621.4-million impact made by college alumni who live and work in Mecklenburg County.
Expressed in terms of jobs, Central Piedmont’s $827.7 million impact supports 11,274 jobs, or about one out of 85 jobs in Mecklenburg County.
“For almost 60 years, Central Piedmont Community College has established a solid record and reputation for making a positive impact in Mecklenburg County,” said Dr. Kandi Deitemeyer, Central Piedmont president. “We know generations of students and hundreds of employers have been benefitted from having a comprehensive college and workforce development partner such as Central Piedmont serving Charlotte-Mecklenburg. We also know Central Piedmont makes a significant impact as an economic engine, boosting the county’s economy and generating an excellent return on the investment made by students and taxpayers.”
The economic modeling firm Emsi conducted the study, looking at college data from the 2019-20 fiscal year. The study found that for every dollar students invest in their Central Piedmont education they receive $3.80 in future earnings for an annual rate of return of 17 percent. For every dollar of public money invested in the college, taxpayers receive $1.40 for an average rate of return of 2.5 percent. From a societal perspective, for every dollar invested in Central Piedmont, residents in North Carolina receive $6.40 in return from the contributions made by Central Piedmont graduates in the state’s workforce.
For more details about the economic impact study, please read the full Executive Summary of the Economic Value of Central Piedmont or view the Central Piedmont economic impact fact sheet. Both documents are accessible on the college’s Reports and Publications Web page.
“Central Piedmont creates value and helps power the Charlotte-Mecklenburg economic engine in many ways. The college helps students increase their employability and achieve their individual potential. The college helps keep students in the county, generating new dollars and opportunities for Mecklenburg County. Central Piedmont provides students with the education, training, and skills they need to have fulfilling and prosperous careers that provide real economic mobility,” Deitemeyer said.
“The college supports the vast variety of industries in Mecklenburg County, serves county businesses, and benefits society as a whole in North Carolina from an expanded economy and improved quality of life. Additionally, the benefits created by Central Piedmont extend to the state and local government through increased tax revenues and public sector savings. Now, more than ever, as Mecklenburg County emerges from the weight of the COVID-19 pandemic, Central Piedmont is a sound investment and critical community partner,” Deitemeyer added.
Original source can be found here.
Alerts Sign-up