SANTA MARIA — Allan Hancock College’s total impact to the regional economy was $541 million in fiscal year 2019-20, according to a recent study.
The total includes $91.6 million in the college’s operations spending impact, $1.8 million in construction spending impacts, $21.5 million in student spending impact and $426.2 million in alumni impact. Expressed in terms of jobs, the college’s impact supported 6,466 jobs in the AHC service area for the reported fiscal year, the report states.
“The results of this study clearly show Hancock’s substantial contribution to our regional economy,” Dr. Kevin G. Walthers, Hancock superintendent and president, said in a statement. “Our mission to ensure our students receive a quality education that leads to gainful employment not only changes the odds for the students themselves, but helps keep our local economy vibrant and strong.”
The study, which was commissioned by Hancock, also found that the college created value for students and taxpayers. According to the study, for every one dollar Hancock students invest in their education, they can expect to see a more than four dollar return in future career earnings and a 19% rate of return. Taxpayers also benefited from a 3% rate of return from added tax revenues and government savings from every one dollar of public money spent on the college, according to the study.
“Our college is a smart investment for our students, our community and local taxpayers,” said Dr. Walthers.
Hancock’s Economic Impact Study was conducted by Emsi, a CareerBuilder company that is a leading provider of economic impact studies and labor market data to educational institutions, workforce planners and regional developers in the U.S. and internationally. Since 2000, Emsi has completed over 1,700 economic impact studies for educational institutions in four countries. To read the full study and learn more about Hancock’s economic impact, visit www.hancockcolllege.edu/eis.