Ozarks Technical Community College has an annual economic impact of nearly $212 million in southwest Missouri, according to an independent study by Moscow, Ind.-based Economic Modeling Specialists Inc.
The study analyzed data from the college's 2008-09 academic and financial reports; industry and employment data from the U.S. Bureau of Labor Statistics; earnings and demographic data from the U.S. Census Bureau; and studies and surveys linking education to social behavior.
Economic Modeling Specialists broke down OTC's economic impact into three categories:
- Productivity of graduates in the work force, which showed an annual $168.6 million in added regional income contributed by OTC alumni;
- college operations, which generate an annual average of $31.6 million in income; and
- student spending habits, which show that students attending OTC from outside the region spend approximately $11.6 million locally a year, for a total economic impact of $211.8 million.
“Our impact has been felt in Springfield and throughout southwest Missouri for many years,” OTC President Hal Higdon said in a news release. “This study gave us an opportunity to quantify that impact on our community’s economy, demonstrating in hard figures what we already knew from the stories of our students: OTC improves the careers, finances, and lives of individuals, which in turn improves the community.”
Additional study highlights:
- OTC students see an average 16.6 percent return rate on their educational investments, recovering costs in 9.2 years.
- Earnings from OTC graduates and associated increases in state income expand Missouri's tax base by approximately $58.4 million a year.
- OTC estimates approximately 10 percent of its students come from outside the region, providing monies for the local economy.
The OTC service area comprises Greene, Christian, Stone, Taney, Ozark, Douglas, Webster, Wright, Polk, Dallas, Laclede and Pulaski counties.
For the full report, visit
www.otc.edu/economicimpact.[[In-content Ad]]
