Lone Star College System adds $3.1 billion to economy each year
Posted on September 03, 2014
Lone Star College System continues to play a major role in the regional economy – adding $3.1 billion in economic impact directly into the local community each year.
According to a 2014 study and report from Economic Modeling Specialist International (EMSI), LSCS added $3.1 billion directly into the local economy in 2012-2013, which includes increased earning power for students and improved productivity for employers through a highly-skilled workforce. The $3.1 billion is approximately equal to 0.9 percent of the region’s gross regional product
The EMSI report noted that LSCS creates a “significant positive impact on the local business community and generates a return on investment to its major stakeholder groups; students, society and taxpayers.”
“While our number one goal is to provide a quality education for our students and help them achieve their goals, we are also proud of the fact we have such a positive economic contribution to the area we serve,” said Dr. Steve Head, LSCS chancellor. “The financial benefit Lone Star College provides our community validates the importance of the work we do.”
The report indicated that 91 percent of students stay in the local community after attending LSCS. The accumulated contribution of former students currently employed in the regional workforce amounted to $2.8 billion in added income during the analysis year of 2012-13
The report also noted that LSCS plays a key role in helping students increase their employability by providing them with the skills needed for a prosperous and fulfilling career. It concluded that LSCS is a primary source of education for local residents and supplier of trained workers to local industry.
Taxpayers benefit from LSCS operations as well. For every $1 spent/appropriated for LSCS, there is a $7.80 increase in tax and public sector savings for taxpayers. Students get a financial ROI as well – every $1 spent by a student equates to $6.60 in increased lifetime income.
EMSI, a CareerBuilder company, turns labor market data into useful information that helps organizations understand the connection between economies, people and work. Using sound economic principles and good data, EMSI builds user-friendly services that help educational institutions, workforce planners and regional developers (such as WIBs, EDOs, chambers, utilities) build a better workforce and improve the economic conditions in their regions.
Lone Star College System has been opening doors to a better community for more than 40 years. Founded in 1973, LSCS remains steadfast in its commitment to student success and credential completion. Today, with 78,000 students in credit classes, and a total enrollment of more than 90,000, Lone Star College System is the largest institution of higher education in the Houston area and one of the fastest-growing community college systems in the nation. Dr. Steve Head is the chancellor of LSCS, which consists of six colleges including LSC-CyFair, LSC-Kingwood, LSC-Montgomery, LSC-North Harris, LSC-Tomball and LSC-University Park, seven centers, LSC-University Center at Montgomery, LSC-University Center at University Park, Lone Star Corporate College, and LSC-Online. To learn more visit LoneStar.edu.
Source: Houston Community Newspapers