Elizabethtown Community and Technical College (ECTC) has released new data that the school said quantifies the “significant financial and societal impact the college has on the economic vitality of citizens and the region.”
The independent study found that ECTC generated $176.5 million in added income in its service area during fiscal year 2022-23. The ECTC service area is comprised of Breckinridge, Green, Grayson, Hardin, LaRue, Marion, Meade, Nelson, Taylor, and Washington counties.
The economic impact study concluded that for every $1 invested, ECTC students earned an additional $5.90 in lifetime earnings; taxpayers gained $3.70 in added tax revenue and public sector savings; and the service area saw $10.90 in added income and social savings.
“ECTC itself is an important regional economic engine. Not only are we helping the citizens of this region earn higher wages through our degree, certificate and workforce training programs, but we also are a premier employer and business partner,” ECTC President and CEO Dr. Juston Pate said. “As a college, we’re here to add value to our students’ lives and return that value to the community. The new report confirms that is exactly what we are accomplishing.”
The additional $176.5 million in income created by ECTC, the school said, is equal to approximately 1.2 percent of the service area’s total gross regional product.
“In terms of jobs, ECTC’s impact supported 2,263 jobs. Further, the activities of ECTC and its students support one out of every 71 jobs in the service area,” ECTC said in a press release.
The comprehensive report was conducted by Lightcast, a well-respected labor market analytics firm. The report drew from a wide range of sources, including academic and financial reports from the college and pertinent industry and employment data from sources such as the U.S. Bureau of Labor Statistics and Census Bureau.
By Ken Howlett, News Director
Contact Ken at ken@k105.com
