SCF’s Annual Economic Impact: $308.6 Million and 7,710 Jobs
(Bradenton, Fla., March 27, 2013) — State College of Manatee-Sarasota (SCF) boosts the local economy in Manatee and Sarasota counties by more than $300 million a year, an impact representing roughly 7,710 jobs, according to a study conducted on behalf of the college by Economic Modeling Specialists Inc.
“This economic impact report is further confirmation that our college is an essential boon for the region’s workforce. SCF contributes to the economy by providing jobs and preparing highly qualified graduates who are competitive in their fields,” said SCF President Dr. Carol F. Probstfeld.
The study measured SCF’s total economic impact based on the college’s operating and capital expenditures, student spending, and earnings of alumni and former students, highlighting the college’s overall benefits to students and taxpayers.
SCF students enjoy a 15.6 percent rate of return on their investments of time and money. The corresponding benefit/cost ratio is 6.2, which means that for every dollar students invest in SCF education, they receive a cumulative of $6.20 in higher future income over their working careers.
Added productivity attributable to the accumulation of SCF academic credit in the workforce amounts to $271.7 million each year due to the higher earnings of students and increased output of businesses.
In addition to the 7.7 percent rate of return that state taxpayers receive on their investment in SCF, the study estimates that Florida taxpayers realize additional benefits through avoided social costs amounting to $2.9 million per year due to improved health, reduced crime and reduced welfare and unemployment.
Based on results of the study, SCF benefits students by enriching their lives and increasing their earning potential, and taxpayers benefit by students fueling the local economy.
Excerpt from “Regional Profile” section of study: “Since SCF first opened its doors to students in 1958, the college has been serving the local community by creating jobs and income, providing area residents with easy access to higher education opportunities, and preparing students for highly skilled technical professions. The availability of quality education and training in the SCF Service Area also attracts new industry to the region, thereby generating new businesses and expanding the availability of public investment funds.”