ERIC Number: ED353012
Record Type: Non-Journal
Publication Date: 1992-Nov
Reference Count: N/A
Economic Impact Study, 1992.
Oakland Community Coll., Farmington, MI. Office of Institutional Planning and Analysis.
In an effort to determine the economic benefits that Oakland Community College (OCC) in Michigan had on the local economy of Oakland County and on the state during fiscal year 1991-92, an economic impact study was conducted. The study utilized an economic impact model consisting of three major components: direct institutional expenditures; direct expenditures of college employees; and direct expenditures of students. In addition to the direct economic impact of these three expenditures, the model also utilized a mathematical "multiplier" to estimate additional business volume generated by the expenditures. The study sought to measure subsequent expenditures resulting from re-spending within the geographic area and the state of money from the initial direct expenditures. Study findings included the following: (1) for 1991-92, direct expenditures in Oakland County amounted to $17,528,806 by the institution, $12,756,565 by employees, and $114,684,730 by students, for a total of $145 million; (2) total direct impact on the state economy was estimated at $156 million; (3) using the multiplier, the indirect economic impact was estimated at $290 million within Oakland County, and $350 million statewide; (4) in addition to the 959 full-time equivalent (FTE) employees of OCC living in the county, economic activity of the college generated 5,816 more FTE jobs countywide, and 7,525 FTE jobs statewide; (5) for every dollar of local property tax support to OCC, an additional $12.45 was generated within the local economy by OCC; and (6) for every dollar of state aid to OCC, $19.55 was returned by OCC to the Michigan economy. Detailed data tables, an explanation of the multiplier and other data tools, and references are included. (PAA)
Publication Type: Reports - Research; Numerical/Quantitative Data
Education Level: N/A
Authoring Institution: Oakland Community Coll., Farmington, MI. Office of Institutional Planning and Analysis.