Ivy Tech Community College Economic Impact Report Released

INDIANAPOLIS – Results of study by Workforce Associates, Inc, were released today showing that Ivy Tech Community College makes a significant impact on Hoosiers and the state’s economy. The College’s total contribution to the Indiana economy exceeds $700 million. The report shows that the annual rate of return for taxpayers is over 15 percent and for every dollar the State of Indiana invests in Ivy Tech the total economic impact is over five dollars.

The summary report, Strength in Numbers: The Economic Impact of Ivy Tech Community College, released by the College, examines the effects of its academic programs, graduates, and employees.  Because Ivy Tech creates its academic programs directly around industry needs, graduates are securing good paying jobs, earning 37 percent more than the average Hoosier in the workforce who has some college or an associate degree.  The annual lifetime earnings of Ivy Tech graduates will be 74 percent greater than Hoosiers with only a high school diploma. The study also shows that the median rate of return on investments in money and forgone earnings made by graduates is 23.1 percent, resulting in only a three-year payback period for graduates’ investments.

The study also shows that Ivy Tech has a profound influence in supporting Indiana’s workforce. The College is one of Indiana’s major employers, employing over 6,000 Hoosiers.  The disposable income of Ivy Tech’s employees is $116.6 million.  Additionally, Ivy Tech indirectly supports thousands of more Hoosier jobs and was responsible for more than $150 million of additional earnings for Indiana workers.

The College will continue to have a staggering impact on Indiana’s economy. The study’s future economic impacts analysis projects double-digit growth in all areas of impact, expenditures, construction, payroll, and student spending. A copy of the report is available at www.ivytech.edu/news.

Workforce Associates, Inc. helps communities plan for a strong and sustainable workforce for the 21st century economy. Combining expert analysis of regional economics and labor markets with first-hand knowledge of the communities served, Workforce Associates empowers workforce boards, economic developers, and community leaders to develop a comprehensive picture of where they are and where they need to go. Findings for this report were derived from detailed Ivy Tech student records, reports from Ivy Tech Office of Institutional Research, Ivy Tech’s annual reports, employment and wage data from the Indiana Department of Workforce Development, U.S. Department of Education’s National Center for Education Statistics, and U.S. Census Bureau American Community survey data.

Ivy Tech Community College is the state’s second largest public post-secondary institution with over 100,000 students enrolled annually.  Ivy Tech has 23 campuses throughout Indiana.  It serves as the state's engine of workforce development, offering affordable degree programs and training that are aligned with the needs of its community along with courses and programs that transfer to other colleges and universities in Indiana.  It is accredited by the Higher Learning Commission of the North Central Association of Colleges and Schools.