Garrett College generated $49 million of income to the Garrett County economy, according to a recent economic impact study completed by Lightcast. The labor market analytics company derived that calculation from a comprehensive review of Fiscal Year 2023 data.
The study, commissioned by the Maryland Association of Community Colleges, also found that Garrett College students gained $4.50 in lifetime earnings for every $1 they spent on their Garrett College education. That equated to a 28.4 percent annual rate of return, compared to the 10.1 percent 30-year stock market average rate of return.
"Students – and their parents – are placing more emphasis than ever on the value of postsecondary education," said Dr. Richard Midcap, Garrett College's president. "The Lightcast report documents the impressive return on investment that Garrett College students are seeing."
Midcap said community colleges in general, and Garrett College specifically, offer great value to potential students.
"Garrett College has the lowest in-county tuition rate in the state – and we've frozen tuition for six consecutive years," noted Midcap. "Thanks in large part to the Garrett County Scholarship Program, most of our students have the opportunity to leave Garrett College without any student debt."
The $49 million in added income was comprised of several sources: alumni impact ($37.4 million), operations spending ($8.9 million), student spending ($1.7 million), and construction spending ($980,600). According to the Lightcast survey, that's equivalent to 942 jobs supported.
According to the study, Garrett College provided a value equal to 3.4 percent of the county's total gross regional product (GRP). That was 41.7 percent higher than the statewide average for community colleges.
Lightcast also determined that Garrett College and its students support one out of every 19 jobs in Garrett County, compared to the state community college average of one out of every 31 jobs.
"We know all the other ways in which the College benefits the community, but it's also comforting to know that the College has a documented, positive fiscal impact on the county," said Midcap. "The citizens of Garrett County invest a lot in Garrett College, and we always want to make sure there is a strong return on that investment, both financially and in our contributions to the welfare of the county's citizens."
Article courtesy of Garrett College.
