Courtesy photo
ROANOKE – Virginia Western Community College contributes over $300 million annually to the regional economy, according to a new study.
The report from data analytics firm Lightcast found that Virginia Western added $329.1 million in income to the Roanoke Valley economy in the year studied, fiscal year 2021-22.
Those $329.1 million in contributions come from three sources: college operations, students and alumni. The net impact of the college’s operations spending added $32.9 million in annual income to the regional economy. The expenditures of students who relocated to the Roanoke Valley or who would have left if they had not attended Virginia Western added $3.5 million in income to the Roanoke Valley economy. Significantly, the net impact of Virginia Western’s former students currently employed in the regional workforce amounted to $292.7 million in added annual income.
“Virginia Western has invested great energy into being a responsive contributor to the Roanoke Valley’s economy,” said Dr. Robert Sandel, president of Virginia Western. “The Lightcast study shows the many ways the College helps fuel the valley’s economic engine.”
Virginia Western’s impact supported 4,405 jobs. For perspective, the activities of Virginia Western and its students support one out of every 46 jobs in the Roanoke Valley.
On an individual level, Virginia Western students see tangible benefits of investing in their education. The average Virginia Western graduate receiving an associate degree in the year studied will see annual earnings that are $8,900 higher than a person with a high school diploma or equivalent working in Virginia.
Students’ increased earnings in turn help taxpayers see a return on investment. Taxpayers provided Virginia Western with $21.6 million of funding in the year studied. For every dollar of public money invested in Virginia Western, taxpayers will receive $2.40 in return, over the course of students’ working lives.
On a larger scale, for every dollar invested in Virginia Western in the year studied, people in Virginia will receive $8.00 in return. Altogether, the social benefits of Virginia Western equal a present value of $574.5 million. These benefits include $390.9 million in added student income over a 40-year working career, $138.4 million in added business income, $32.9 million in added income from college activities, as well as $12.2 million in savings related to reduced government spending for health, the justice system, and income assistance in Virginia, thanks to a more educated workforce.
“Not only do our students reap benefits when they attend Virginia Western, but the ripple effects of their decision to attend here spread out to benefit our community,” Sandel said. “This rigorous study highlights the significant gains that society reaps from investing in Virginia Western.”
-The Salem Times-Register