April is Community College Month, and a recent study is showing just how important Wor-Wic Community College is to the local economy. The study, conducted by an independent data research firm, Lightcast, found that businesses, taxpayers and the community all benefit from Wor-Wic’s total annual impact of $148.9 million, supporting 2,076 jobs.
Lightcast’s report said that the college benefits regional businesses by increasing consumer spending in the region and supplying a steady flow of qualified, trained workers to the workforce. It also enriches the lives of students by raising their lifetime earnings and helping them achieve their individual potential. The average Wor-Wic graduate will see a $7,200 increase in earnings every year, compared to those without an associate degree.
As an investment, Wor-Wic outpaces the stock market. The average annual return on investment for Wor-Wic students is 24.4% (the market’s return is 10.1%). For every dollar spent, students gain $5.40 in lifetime earnings, and local taxpayers gain $25 million in added tax revenue thanks to higher salaries, as well as savings in social services supports that aren’t needed as students succeed professionally.
The study found that Wor-Wic creates and retains wealth: one out of every 54 jobs on the Lower Shore is supported by Wor-Wic and its students. Increased earnings of Wor-Wic alumni and the businesses they work for added up to $114. 2 million. The added income of Wor-Wic employees and operations has a $22 million impact on the local economy. Wor-Wic’s construction projects supported 100 jobs and had a local impact of $6.4 million. Wor-Wic students added $6.2 million to the local economy just from their daily spending.
Benefits extend beyond individual students and into the community, according to Lightcast. For every dollar spent, society as a whole gains $3.50 in added income and social savings. Social benefits include reduced crime, lower welfare and unemployment rates and increased health and well-being. Local businesses benefit from increased consumer spending and a qualified, trained workforce. Adding together increased income for students, college operations, businesses and social savings, Wor-Wic provides $251.3 million in benefits to the community.
Visit the Maryland Association of Community Colleges at mdacc.org/impact-maryland-2 for more information about the study.
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By The Numbers: Wor-Wic Community College Economic Impact Highlights
- $148.9 million: Added income for Lower Shore in FY 2022-2023
- 1 out of every 54: Number of jobs on Lower Shore supported by Wor-Wic
- $7,200: Average annual income boost for Wor-Wic grads
- 24.4%: Rate of return on investment for students
