DAYTONA BEACH – A new study attributes a powerful impact on the local economy of nearly $710 million generated by Daytona State College, its students and alumni.
The study verifies the strength and value of the college’s service to the communities, businesses and individuals in Volusia and Flagler counties and beyond, top administrative officials stressed in announcing the study's findings this afternoon.
Economic Modeling Specialists International conducted the study through the Florida College System. Nobody is more enthused about the results than Daytona State College President Carol Eaton.
“With the local economy poised for revival, analysis of our growth impact is critical as we strategize for the future,” Eaton said. “This study validates our significant role as an economic driver, as we prepare the region’s workforce with the latest technology, customer service and management skills.”
To foster synergistic goals and perpetuate a pipeline of educated, well-trained workers, Daytona State partners and builds collaborations with the region’s industries, cities, partner institutions and k-12 education system, the college said in a press release announcing the study's findings.
From working closely with agencies like the Volusia Manufacturers Association, Chamber of Commerce, local hospitals and school system leaders, the college extends student learning to cooperative education, clinical training and internships. In turn, the college identifies employer needs and prepares graduates for in-demand jobs.
Here are the summary facts from the study:
• Taxpayers see a rate of return of 10 percent on their investment in Daytona State and every dollar of state tax money invested in the college today returns $3.20.
• The net added income generated by Daytona State operations ($78.5 million) and the spending of non-local students ($2.8 million) contributes a total of $81.2 million in income to the Daytona State service area economy each year.
• The accumulated credits achieved by former Daytona State students over the past 29 years translate to $628.6 million in added regional income each year due to the higher earnings of students and increased output of businesses. (Overall impact = bullets 2 and 3, $709.8M)
• For every $1 students invest in Daytona State, they receive a cumulative $6.60 in higher future income (discounted) over the course of their working careers.
• Florida benefits from improved health and reduced welfare, unemployment and crime, saving the public some $6.7 million per year.
The study also points out that education increases lifetime income, noting that the average income at the career midpoint of someone with an associate degree in the Daytona State service area is $32,800.
Daytona State College Fast Facts:
Offering more than 100 certificate, associate and bachelor’s degree programs, Daytona State College has responded to the education and workforce training needs of Volusia and Flagler counties for more than 50 years. The college enrolls 31,000 students a year at its seven instructional sites, with graduates serving in critical fields including health care, emergency services, business, education, hospitality, engineering, technology and more.