How do Brainerd Lakes Area and the state of Minnesota benefit from the presence of Central Lakes College? A recent comprehensive study by Economic Modeling Specialists Inc., Moscow, Idaho, offers data of the significant role CLC plays for not only graduates but taxpayers who benefit from a larger economy and lower social costs. The study reports that the Brainerd Lakes Area receives approximately $27.1 million in net added income each year due to CLC operations and spending of non-local students. The accumulated credits achieved by former CLC students over the past 30 years translate to $91.7 million in added regional income each year due to higher earnings of students and increased output of businesses. CLC students expand the state’s economic base through their higher incomes, while the businesses that employ them also become more productive through the students’ added skills. These benefits, together with the associated ripple effects, contribute an estimated $16.5 million in taxable income to the Minnesota economy each year. CLC affects the local economy in three ways: 1. Through its local purchases, including wages paid to faculty and staff; 2. Through the spending of students who come from outside the region; 3. Through the increase in the skill base of the local workforce. The college creates income through the earnings of its faculty and staff, as well as through its own operating and capital expenditures. Students from outside the region spend money for room and board, transportation, entertainment, and other miscellaneous personal expenses. “These expenditures create jobs and incomes for local businesses,” said Dr. Suresh Tiwari, vice president of academic and student affairs.For the complete news release:
http://clcnewsblogreleases.blogspot.com/2010/11/economic-impact-of-clc.html
