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Germanna's impact is examined
Study finds that Germanna contributes $241 million to the Fredericksburg region each year
BY KAREN BOLIPATA
Date published: 11/19/2008
BY KAREN BOLIPATA
Germanna Community College spent $12.8 million in the Fredericksburg region in 2007-2008, according to an economic-impact study conducted by an Idaho-based consulting firm.
Past students generate $228.4 million in income to the region, bringing Germanna's total economic impact to $241.2 million each year.
That amounts to 2.1 percent of the area's total annual income.
President David Sam presented the findings of Economic Modeling Specialists Inc. at a board meeting yesterday, saying they could be used to urge businesses and donors to invest in the college.
"It could demonstrate that there is return on investment, that we are a good steward of the resources, that we are making a difference in the community," Sam said.
Because most students are from the area, just $34,000 comes from spending by students who live outside the region.
Germanna serves Fredericksburg, Culpeper and the counties of Madison, Orange, Spotsylvania, Stafford, Caroline and King George.
According to the study, the college affects the local economy in three ways:
Local purchases, including wages paid to faculty and staff.
Spending by out-of-region students.
Students' contributions to area income with their education and work-force skills.
About 95 percent of Germanna students stay in Virginia and contribute to economic growth. The study says the state saves $235,900 in avoided social costs each year, with savings in health, law enforcement, welfare and unemployment.
Each dollar the college spends on students generates a return of $3.70 for the local economy over the course of students' working careers.
Students, in turn, see their annual income increase by $153 per year for each credit they complete at Germanna.
In a working lifetime, those who graduate with associate degrees earn $385,200 more than someone with a high school diploma.
EMSI applied an economic model designed to find the economic benefits of community and technical colleges.
According to a study released last week by George Mason University's Center for Regional Analysis, last year the University of Mary Washington contributed $115 million to the Fredericksburg region and $108 million to the state.
Its total economic impact was $226 million.
Karen Bolipata 540/374-5418
Email: kbolipata@freelancestar.com
| OTHER AREAS COVERED AT THE MEETING:
Germanna saw an 80 percent increase in federal aid (FAFSA) applications in August of this year compared to August 2007.
The college continues to freeze positions in anticipation of state cuts, leaving departments with what Germanna President David Sam described as very lean staff. |
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Read more stories about Spotsylvania
Date published: 11/19/2008
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