Volunteer State Community College generated a $584 million impact to the regional economy over the past five years, a study conducted for the college shows. The analysis of the economic impact of Vol State on its eleven county service area revealed that the value of business volume and individual income generated an average of $117 million each year during the 2011-2016 period of the study. That is estimated to have created and sustained 20,988 jobs during those five years. The study was conducted by Knoxville educational consultant Fred H. Martin.
The report estimates that business volume—the total amount generated locally by businesses from the college’s direct and indirect expenditures—was $293 million for the five-year period, up significantly from the 2004-2009 report. The economic impact study notes that each dollar of revenue coming into Vol State generated a return on investment (ROI) of up to $6.58.
The study also analyzed the impact of one graduating class: 2015-2016. It estimated that the 991 graduates for that year would have $465.8 million potential additional lifetime earnings due to their education. That is projected to produce nearly $60 million each year in income for the graduates, and $1.9 million dollars in annual tax payments per year. Data shows that 73 percent of Vol State graduates stay in Tennessee.
Vol State had 8,838 students enrolled in the fall semester of 2017. The college has more than 90 areas of study and campuses in Gallatin, Springfield, Livingston and Cookeville. For a copy of the complete study visit www.volstate.edu/impact.