CCTC has Billion Dollar Impact
May 11, 2020 – Central Carolina Technical College announced the results of an economic impact study that illustrate the college’s commitment to bolster the midlands of South Carolina. The study, completed by a nationally recognized economist at Clemson University, found that the college has had a $1.2 billion impact in the past ten years for Clarendon, Kershaw, Lee and Sumter counties.
“Central Carolina Technical College provides a substantial economic impact to its four-county service region through its operations, capital projects and by retaining students to the region who might otherwise relocate to attend a four-year college elsewhere,” Clemson University Economic Analyst Dr. Robert T. Carey said. “These economic impacts also generate an impact on local and state tax revenue that partly offsets the cost to the state of its annual appropriations to the college.”
Results of the report notes the following for CCTC:
- CCTC operations spending equals more than $350 million or enough to buy 9,844 2020 Volvo S60’s
- More than 320 people have jobs either directly or indirectly because of the college
- CCTC alumni have had a more than $26 million impact on the state
“We have all been made aware of the fragility of the global economy over the past few months because of the spread of COVID-19, and strategic and innovative higher education and workforce development solutions have never been more important than today,” said Dr. Michael Mikota, president of Central Carolina Technical College.
“Central Carolina provides an extraordinary economic strength and resiliency apparatus to this region of South Carolina as can be assessed from our economic impact analysis. Our annual appropriations from the state are approximately 25 percent of our overall average operating budget, and our local governments fund the college at one of the lowest per capita rates in South Carolina,” Dr. Mikota added. “Given this information, it is simply astonishing that our elite organization can provide the highest return on investment to taxpayers while also forging the path for the future growth and success in higher education and workforce development.”
Dr. Carey used several sources of data for the study, including capital expenditures, operational expenditures, number of employees and students, payroll and benefits, and taxes paid to local and state governments.
For more information on the college, the economic impact study or the recently announced Empower Major Gifts Campaign, including ways to give, visit cctech.edu/givenow, email email@example.com or call 803-778-6641.