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Study: $3.9 billion local income boost from Northern Colorado Public Colleges and Universities

Four institutions provide impressive return on investment and support one of every eight jobs in Larimer and Weld.

The four public colleges and universities in Northern Colorado added $3.9 billion in income to the economy of Larimer and Weld Counties and supported one of every eight jobs in the region in the fiscal year 2017-18, according to the results of a new economic impact study released Feb. 25.

Highlights of the economic impacts of NoCoPCU for Larimer and Weld Counties include: 

• The net impact of institutions鈥� day-to-day operations (payroll, expenses and employee spending) during the analysis year was approximately $1.1 billion in added income to the Larimer and Weld economy. 
• NoCoPCU鈥檚 research spending generated $299 million for the region.  
• The net impact of NoCoPCU鈥檚 construction spending in FY2017-18 was $126 million. 
• Start-up and spin-off companies generated $227.9 million. 
• Spending by students, those who relocated or stayed in the region and who wouldn鈥檛 be in the region if not for the institutions, added approximately $147.9 million. 
• Contributions from alumni currently employed in the regional workforce amounted to $2 billion. 
• This combined total equates to a $3.9 billion impact, or 50,594 jobs supported for Larimer and Weld Counties鈥� economy during FY17-18.

The overall economic value is significantly higher than was measured in a similar study conducted two years earlier, and the count of supported jobs increased markedly, due to updates and improvements in methodology, background data, and institutional data. As a result, the present study offers a more relevant, comprehensive picture of the institutions鈥� value. 
 
The study also included an investment analysis which looked at the total amount NoCoPCU received in FY 2017-18 through tuition and fees, government student aid, and other all other revenue, as provided by students, taxpayers and society. That investment resulted in an average rate of return of 12.3% for the investment students make, and 14.1% for the investment by taxpayers. 
 
Student Perspective 
NoCoPCU鈥檚 FY 2017-18 students paid a present value of $641.5 million to cover the cost of tuition, fees, supplies, and interest on student loans. They also forwent $495.8 million in money they would have earned had they been working instead of attending college. 
 
In return for their investment, students will receive $3.6 billion in increased earnings over their working lives. This translates to a return of $3.20 in higher future earnings for every dollar students invested in their education. Students鈥� average annual rate of return is 12.3%. The study notes this return outpaces the average 9.9% return investors see in the U.S. stock market.  
 
Taxpayer Perspective 
Taxpayers provided NoCoPCU with $307.2 million of funding in FY 2017-18. In return, they will benefit from added tax revenue, stemming from students鈥� higher lifetime earnings and increased business output, amounting to $1 billion. A reduced demand for government-funded services in Colorado will add another $236.1 million in benefits to taxpayers. 
 
For every dollar of public money invested in NoCoPCU, taxpayers will receive $4 in return, over the course of students鈥� working lives. The average annual rate of return for taxpayers is 14.1%. 
 
Social Perspective 
In FY 2017-18, Colorado invested $2.5 billion to support NoCoPCU. In turn, the Colorado economy will grow by $12.4 billion, over the course of students鈥� working lives. Society will also benefit from $649.5 million of public and private sector savings. 
 
For every dollar invested in NoCoPCU in FY 2017-18, people in Colorado will receive $5.20 in return, for as long as NoCoPCU鈥檚 FY 2017-18 students remain active in the state workforce.

Quotes from the presidents of the NoCoPCU institutions

Dr. Leah L. Bornstein, Aims president 
鈥淎t a time when many have questioned the necessity of higher education, these data points demonstrate both the inherent value of post-secondary credentials to a region and the need for continued support of higher education.鈥� 
 
Joyce McConnell, CSU president 
鈥淧ublic colleges and universities offer an incredible return on investment, not just for the students who receive a life-changing education, but for the communities that are home to the institutions. This report reinforces the critical role higher education plays as a key driver of our regional economy, and the ripple effect institutions have in making our communities desirable places to live, work and learn.鈥� 
 
Andrew Dorsey, Front Range Community College president 
鈥淭his data shows that both students and the public earn a high return on their investments in higher education. And it confirms what we hear regularly from our graduates 鈥� that education opens doors and changes lives.  As more and more jobs require post-secondary credentials, the benefits of public education to students and to Northern Colorado will only grow. 鈥� 
 
Andy Feinstein, 国产AV president 
鈥淭his report affirms the important role of Northern Colorado鈥檚 public higher education institutions not just as gateways to opportunity, but as economic engines for our communities, the region, and the state. Simply put, whether you are a student pursuing a degree, a state or local government, or a partner in industry, there is always great value in investing in higher education.鈥�

Media Coverage

9News reporter Marc Sallinger interviews President Feinstein for this . 

Other Coverage: 

• (BizWest)
• Have you ever wondered what Northern Colorado would look like without Colorado State University, the University of Northern Colorado or its two community colleges, Front Range and Aims? (Coloradoan)

About Emsi and the NoCoPCU institutions

• 
  Emsi is a labor market analytics firm that integrates data from a wide variety of sources to serve professionals in higher education, economic development, workforce development, talent acquisition, and site selection. Emsi is a leading provider of economic impact studies and labor market data to educational institutions in the U.S. and internationally. Since 2000, Emsi has completed over 2,000 economic impact studies for institutions across three countries.
  
  
• 
  Aims Community College is one of the most progressive two-year colleges in Colorado. Founded 52 years ago in Greeley, Aims has since established locations in Fort Lupton, Loveland and Windsor. Curriculum now includes 4,000 day, evening, weekend and online courses annually in more than 200 degree and certificate programs. Aims Community College is accredited by the Higher Learning Commission. Aims Community College is an Equal Employment Opportunity Employer and an Equal Opportunity Educational Institution.
  
  
• 
  Colorado State University, one of the nation鈥檚 top-performing public research institutions, has more than 34,000 students, and annual research funding of more than $300 million. Founded in 1870 as Colorado鈥檚 land-grant institution, CSU鈥檚 is renowned for its world-class faculty and research and academic programs in infectious disease, atmospheric science, clean energy technologies, human and animal health, environmental science, global business and more. CSU graduates on average carry less student debt and are employed at a higher rate than their peers nationwide.
  
  
• 
  FRCC is the largest community college in Colorado鈥攚ith three campuses along the Front Range. The college focuses on the success of more than 27,000 students annually in classes for college credit, and more than 5,000 people each year in business training and continuing education. FRCC offers almost 200 degrees and certificates. We are the top transfer institution for the University of Colorado Boulder and Colorado State University. We also train students for immediate employment in more than 35 high-demand fields.
  
  
• University of Northern Colorado 
  国产AV is a doctoral research university with premier programs in education, health sciences, business and the performing arts. Founded in 1889 as the state teachers' college, 国产AV has always worked to promote human understanding and enrich lives. With approximately 13,000 students enrolled, 国产AV focuses on five areas of engaged learning: research and creative work, civic engagement, global experiences, leadership and professional experience.

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