21
Oct 2024
Greenville Technical College (GTC) transforms lives through education and in the process, has a strong impact on the Greenville County economy.
A recent economic impact analysis based on fiscal year 2022-23 shows that the college:
- Generated $627 million in income to the Greenville County economy during the year, equating to approximately 1.7% of the county’s total gross regional product (GRP)
- Supported the equivalent of 8,529 county jobs from different industry sectors, meaning that one out of every 48 jobs in Greenville County is supported by the activities of the college and its students.
- Delivered a stream of higher future earnings for graduates. The average associate degree graduate will see annual earnings that are $10,200 higher than a person with a high school diploma or equivalent working in the state. Over a working lifetime, the benefits of the associate degree over a high school diploma will amount to an undiscounted value of $387.6 thousand in higher earnings per graduate.
- Provided a strong return on investment. For every dollar invested in the college, students gain $7.80 in higher future earnings, taxpayers gain $4 in added tax revenue and public sector savings, and society gains $11.80 in added income and social savings.
- Outperformed other investment options. The average annual return for GTC students is 30.5%, higher than the 9.6% stock market 30-year average annual return, and considerably higher than the 0.4% interest earned on a savings account.
- Impacted area employers by producing a pipeline of skilled graduates that allow them to succeed and grow. Those skills, for the most part, remain in South Carolina, with 96% of graduates remaining in the state upon completion of their studies and 79% remaining in Greenville County.
About the study: The study applies a conservative methodology and follows standard practice using only the most recognized indicators of economic impact and investment effectiveness. For a full description of the data and approach used in the study, please contact the college for a copy of the main report.