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CWC annual local impact set at $84.3 million
Central Wyoming College plays a significant role in the local economy and is a sound investment from multiple perspectives, a study released in March 2011 revealed.
Students benefit from improved lifestyles and increased earnings while taxpayers benefit from a larger economy and lower social costs, a report from Economic Modeling Specialists, Inc. (EMSI) indicates.
CWC’s total economic impact on the college’s service area (Fremont, Hot Springs and Teton counties) is $84.3 million, or 2.6 percent. The CWC service area’s economy annually receives a conservative $16.8 million in income due to CWC operations, and another $4.5 million is generated from the students who come from outside the service area to enroll at CWC.
For every dollar a student invests in a CWC education, a 19.2 percent rate of return is enjoyed. The report said throughout a student’s working career, the average lifetime income increases by $5.50 for every dollar invested at CWC.
From a social perspective, higher earnings of CWC students and associated increase in state income expand the tax base in Wyoming by about $15.1 million. The state will see a voided social costs amounting to $522,700 each year in improved health, reduced crime and reduced welfare and unemployment.
From a taxpayer perspective, for every dollar of support, taxpayers see a cumulative return of $1.20 over the courses of students’ working careers in the form of higher tax receipts and avoided costs.
State and local governments see a rate of return of 4.3 percent on their support for CWC, comparing favorably with private sector rates of return on similar long-term investments.
The community as a whole benefits from increased job and investment opportunities, higher business revenues, greater availability of public funds, and an eased tax burden, CWC President Jo Anne McFarland said of CWC’s economic impact.