CVPDC is proud to support and partner with Central Virginia Community College in its efforts to improve Central Virginia.
LYNCHBURG, VA – According to a new study performed by Lightcast, Central Virginia Community College (CVCC) generated $224.6 million annually in economic activity throughout the regions it serves in FY 2021-22. This amount is equal to nearly two percent (1.7%) of the total gross regional product (GRP) of CVCC’s service area. For perspective, the impact of CVCC is nearly as large as the region’s entire transportation and warehousing industry. This added income is also the equivalent of supporting 3,506 jobs.
The study, titled The Economic Value of Central Virginia Community College, assesses the impact of CVCC on the regional economy and the benefits generated by the college for students, taxpayers, and society. The results of the study show that CVCC creates a positive net impact on the regional economy and generates a positive return on investment for students, taxpayers, and society.
“CVCC plays a vital role in our community,” said CVCC’s President Dr. John Capps. “Through job creation and fostering economic growth, the college generates a positive return for taxpayers and contributes to the overall well-being and prosperity of the region.”
For every dollar invested in learning at CVCC, students gain $6.90 in higher future earnings, an annual rate of return of 23.5%. In addition, taxpayers see a net benefit of $2.60 in added tax revenue stemming from students’ higher lifetime earnings and increased output by businesses and public sector savings.
When compared to a person with a high school diploma or equivalent, the average community college graduate with an associate degree will see an increase in earnings of $9,800 annually.
Additional Coverage
- News & Advance: Recent study shows CVCC generated over $200 million annually in economic activity
- Times Virginian: CVCC drives economic growth through education, per study
