The Economic Impact of Luna Community College: A Comprehensive Analysis
Luna Community College Boosts Regional Economy and Job Market
Luna Community College is not just a place for students to further their education; it is also a key player in driving economic growth and creating job opportunities in the Luna Service Region. A recent study conducted on the economic impacts of Luna College reveals the significant value the institution brings to the region.
One of the ways Luna contributes to the regional economy is through its operations spending impact. In the fiscal year 2021-22, the college employed 161 faculty and staff, with 88% of them residing in the Luna Service Region. This resulted in a total payroll of $11.1 million, which was largely spent within the region, boosting local businesses. Additionally, Luna spent $10.2 million on day-to-day expenses, further stimulating the economy. Overall, Luna’s operations spending added $12.8 million in income to the region, supporting 177 jobs.
Student spending also plays a significant role in driving economic growth in the Luna Service Region. Around 14% of Luna students come from outside the region, and their expenditures on groceries, accommodation, and transportation generate added income for the local economy. In FY 2021-22, student spending contributed $489.2 thousand in added income, supporting 10 jobs in the region.
Furthermore, the impact of Luna alumni cannot be overlooked. Graduates of Luna College enter the regional workforce with enhanced knowledge and skills, contributing to increased productivity in various industries. In the same fiscal year, Luna alumni generated $23.2 million in added income for the regional economy, supporting 379 jobs.
When combining the operations spending impact, student spending impact, and alumni impact, Luna College added a total of $36.4 million in income to the Luna Service Region economy in FY 2021-22. This contribution is equivalent to approximately 2.4% of the region’s total gross regional product (GRP) and supports 565 regional jobs. Without Luna College, these economic impacts and job opportunities would not have been realized in the Luna Service Region.
Overall, Luna Community College serves as a catalyst for economic growth, job creation, and prosperity in the region. Its role in providing education, training, and skills to students not only benefits individuals but also has far-reaching positive effects on the local economy and community as a whole.