In an effort to assess the economic impact of the Florida Community College System (FCCS) on the state, two theoretical models were utilized. The first model determines the FCCS's total expenditures in supplies and services, and then applies to these figures a mathematical multiplier to account for the additional economic business generated by re-spending within the economy. The second model utilizes human capital theory to measure the increased individual income earned and spent by former community college students as a result of having attended college. Study results include the following: (1) the 30,000 employees of the FCCS's 28 colleges receive over $480 million in wages, of which over $100 million are spent on home equity, and over $200 million on retail purchases within the state; (2) in support of their educational programs, the FCCS purchases $160 million in goods from Florida businesses; (3) direct purchases from Florida businesses attributed to the FCCS total over $470 million; (4) "second round" effects include creation of at least 42,000 additional jobs statewide as a direct result of college spending, and local businesses make $106 million in local purchases to support their sales to the college; (5) individuals educated in the FCCS are estimated to earn $3,000 more annually than high school graduates, placing total additional earnings of students in the work force in 1989-90 at more than $400 million; and (6) in total, the FCCS is estimated to generate more than $2 billion in business volume and to account for up to 150,000 jobs in the Florida economy annually. Detailed data tables and references are included. (PAA)