HAMLET — Richmond Community College is a local college with a big impact. How big? According to a new economic impact analysis, RichmondCC has an $88.2 million impact on Richmond and Scotland counties, which is equivalent to supporting 1,613 jobs in this region.
“We know first-hand the difference that our College makes in the lives of our students, but the results of this in-depth report show that RichmondCC creates a positive net impact on the regional economy and generates a powerful return on investment for students, tax payers and our communities,” said Dr. Dale McInnis, president of RichmondCC.
Over the course of the analysis year (2019-2020), RichmondCC spent $17.8 million on payroll and benefits for 348 full-time and part-time employees and spent another $9.5 million on goods and services to carry out its day-to-day operations. This initial round of spending creates more spending across other businesses throughout the regional economy, resulting in the commonly referred to multiplier effects.
RichmondCC serves over 6,000 students whose daily spending in the service area funneled approximately $1.8 million into the economy, which is equivalent to supporting 50 jobs.
By studying at RichmondCC, students gained new skills, making them more productive workers over the years. Today, thousands of these former students are employed in the RichmondCC service area. The accumulated impact of alumni currently employed in the RichmondCC service area workforce amounted to $64.6 million in added income for the local economy, which is equivalent to supporting 1,162 jobs.
While these students have invested their own money and time into their education, they will receive a present value of $126.8 million in increased earnings over their working lives. This translates to a return of $4.30 in higher future earnings for every dollar that students invest in their education at RichmondCC.
Taxpayers provided $23.7 million of state and local funding to RichmondCC in fiscal year 2019-20. In return, taxpayers will receive an estimated present value of $34.6 million in added tax revenue stemming from the students’ higher lifetime earnings and the increased output of businesses. In other words, for every tax dollar spent educating students attending RichmondCC, taxpayers will receive an average of $1.60 in return over the course of the students’ working lives, which equals an annual rate of return of 4.1 percent.
RichmondCC has two campuses, one in Hamlet and one in Laurinburg, plus a facility in downtown Rockingham. It offers college degrees, diplomas and certificates in over 50 areas of study, plus a revolving door of short-term training classes that provide workforce credentials.
“We are constantly updating our programs to meet the needs of the business community and the local workforce,” McInnis said. “Our Electric Lineman program added a few years ago is always full and pulls students in from beyond our service area.”
RichmondCC has developed its own truck driver training program, which will be up and running this fall. The College will be also making an announcement in June about a new partnership for a new skilled trades program.