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Kirkwood Statewide Impact Nearly $1 Billion Annually

By May 19, 2016November 28th, 2018No Comments

Results of commissioned study point to significant influence of college

Cedar Rapids, Iowa (May 19, 2016)-Kirkwood Community College President Mick Starcevich announced in a speech given Thursday that the college’s statewide economic impact was nearly $1 billion annually. The number is part of a larger study that focused on Kirkwood’s overall economic impact as it relates to different stakeholders such as students, taxpayers, business and commerce, and overall society.

The study, performed by Economic Modeling Specialists Intl. (EMSI), demonstrates the outstanding value of Kirkwood and the excellent return on investment Kirkwood is for students and taxpayers. Based on data from the 2013-2014 fiscal year, the results indicate that the college’s impact reaches far beyond the monetary boost graduates receive by attaining a degree. Some highlights of the results include:

  • $973 million is added to the Iowa economy annually as a result of Kirkwood’s economic impact.
  • Kirkwood’s overall impact on the local business community amounts to $832.8 million in added income. That number is equal to approximately 3.2 percent of the gross regional product of college’s service area of Benton, Cedar, Iowa, Johnson, Jones, Linn and Washington counties.
  • The Kirkwood alumni impact is $819.4 million annually, which is the accumulated contribution of former students currently employed in the state workforce.
  • Current Kirkwood students added $60.1 million in added income to Iowa’s economy.
  • Kirkwood is also one of the largest employers in Iowa’s Creative Corridor. The net impact of the college payroll and expenses in Iowa is $92.2 million.
  • For every dollar spent by students in the region, they gain $3.80 in lifetime earnings.
  • For every dollar spent by taxpayers in the region, $5.20 is gained in added state revenue and social savings.
  • $9.70 is gained in added taxes and public sector savings for society for every dollar spent in the region.

Starcevich announced the results of the EMSI study at the Kirkwood Foundation 50th Anniversary Community Appreciation Event attended by donors, business partners, college administrators and alumni. Various dignitaries and community leaders were also present including special guest Iowa Lieutenant Governor Kim Reynolds.

“Nearly a billion dollars is added to the Iowa economy because of Kirkwood,” Starcevich told the crowd. “It’s really exciting to be a part of something this impactful, but we don’t do it alone. You are all a part of helping to make that happen and we thank you.”