A recently completed economic study conducted for Maryland’s 16 community colleges detailed the impact Wor-Wic Community College makes on the Lower Eastern Shore. Businesses, taxpayers and our local communities benefit from the existence of the college.
In return for the investment students make in their education, including foregone wages while attending school, they receive $3.90 in higher future earnings for every dollar they invest in their education. Students’ average annual rate of return is 17.7%. For comparison, the stock market 30-year average annual return is 9.9% and the typical interest earned on a savings account is 0.06%.
The report by data analytics firm Emsi Burning Glass shows that Maryland’s community colleges generate more revenue than they receive from the state and local governments and create a wide range of social benefits while enriching civic life. One out of every 56 jobs on the Lower Eastern Shore is supported by the activities of Wor-Wic and its students.
With more than 90% of students staying on the Lower Eastern Shore, Emsi Burning Glass estimated that the alumni impact on the region was $79 million, thanks to graduates’ increased earnings and productivity. Beyond the direct economic impact of $106.6 million in 2018-19, the report stated that Wor-Wic’s future benefits to the community total $207.6 million — including social savings related to health, crime and income assistance, in addition to added income. Wor-Wic’s accessibility and affordability are vital not just to individual students, but to the region as a whole.
More information about the study is available at //mdacc.org/impact-maryland.
