The value of Gateway continues to grow, and a recent study backs that up. The report, released by Emsi economic modeling company, says “the value of Gateway influences both lives of students and the regional economy.”
The report, “Analysis of the Economic Impact and Return on Investment of Education: The Economic Value of Gateway Technical College” indicates that in Gateway’s 2016-17 Academic Year, the college served 19,998 students, supported 14,424 jobs and added $886 million in personal income to the region. What these figures tell us is that the return on investment, or ROI, for students is 26.1 percent, and for taxpayers it is 6.7 percent. Gateway represents 4.1 percent of the region’s gross regional product.
This is good news for our students and important results for our taxpayers. The study demonstrates the economic impact created by Gateway on the business community and the benefits our college generates in return for the investment made by key stakeholders.
Gateway also supported 1,052 jobs throughout the tri-county region in 2017, adding an additional $84 million in income to the economy.
Benefits to taxpayers also consist of the savings generated by the improved lifestyles of students and the proportionally reduced government expenditures. Education is statistically correlated with a variety of lifestyle changes that generate taxpayer savings.
Data used in this study included Fiscal Year 2016-17 academic and financial reports from Gateway, industry and employment data from the U.S. Bureau of Labor Statistics. The outputs results were calculated using of Emsi’s Multi-Regional Social Accounting Matrix model.
I know studies like this are important and help to describe the value of the investments made by our many stakeholders. I also know that the impact that Gateway continues to have on the employment needs of the region is critical to the economic prosperity of each of us.
Gateway produces police officers, firefighters, nurses, robotic technicians and workers in hundreds of exciting careers who keep our communities safe and productive. Thank you for supporting your communities’ college.