FLORENCE, Ky. — A new study by Emsi, a national provider of research to educational institutions, shows that Gateway Community & Technical College added $89.8 million to Northern Kentucky’s economy in 2018-19. This is equivalent to supporting 1,451 high wage jobs in the region.
Much of this impact is made by Gateway’s highly skilled alumni who fill a growing need for skilled trade and technical positions. Gateway’s graduates that are currently employed in the region’s workforce added $69.9 million in added income to the economy.
For every dollar Gateway’s alumni and current students invest in their education they gain a return $8.70, realized in increased lifetime earnings. St. Elizabeth Healthcare, Amazon, Citi, Kroger and Mubea are some of the top employers of Gateway alumni.
In the 2018-19 academic year, 1,580 graduates were awarded at least one credential aligned with one of Kentucky’s five high-demand industry sectors.
Emsi calculated that local taxpayers’ investment of $8.7 million in Gateway in 2018-19 academic year, secured 19% return on investment. Local taxpayers benefit from added tax revenue stemming from students’ higher lifetime earnings and increased business output, amounting to $64 million. A reduced demand for government-funded services in Kentucky will add another $4.6 million in benefits to taxpayers. Overall, for every dollar of public money invested in Gateway, taxpayers will receive $7.90 in return.
“The numbers are astonishing,” said Dr. Fernando Figueroa, Gateway president. “At Gateway we have always known our work was greatly impacting our community; this study validates our work throughout our region.
The results of the study reflect outcomes for fiscal year 2018-19. The study demonstrates that Gateway creates value and benefits the region’s economy by:
- Increasing consumer spending in the state and supplying a steady flow of qualified, educated talent pipeline into the workforce;
- Bettering the lives of students by raising their lifetime earnings and helping them achieve their individual potential;
- Benefitting state taxpayers through increased tax receipts across the state and a reduced demand for government-supported social services;
- Benefitting society as a whole in the region by creating a more prosperous economy; and
- Generating a variety of savings through the improved lifestyles of students.
For a full description of the data and approach used in the study, visit the Better Lives for a Better Kentucky website for a copy of the main report.