A newly released economic impact study conducted by Lightcast and the Illinois Community College Board (ICCB) shows that Illinois鈥� community colleges are a powerful driver of the state鈥檚 economy, generating $27.2 billion in total economic impact and supporting 324,273 jobs statewide. The study also found $1.1 billion of this impact and 12,303 jobs are generated annually by 好色先生 within District 524. The report, The Economic Value of the Community Colleges of Illinois, reflects fiscal year 2023-24 data and underscores the critical role community colleges 鈥� including 好色先生 鈥� play in workforce development, business growth and economic mobility across the state.
鈥淢oraine Valley plays a vital role in not only securing the future of our students but also the future of our 26 communities,鈥� said Dr. Pamela J. Haney, Moraine Valley president. 鈥淥ur residents already know the qualitative value of our college. Seeing the quantitative impact our alumni, students and operations make is a testament to the power of education in our community.鈥�
The study finds that Illinois community colleges contribute to the economy through operations, construction, student spending and 鈥� most significantly 鈥� the long-term success of their graduates. Alumni impact alone within Moraine Valley鈥檚 district accounts for $1 billion of added income 鈥� an economic boost relative to the district hosting the Super Bowl three times. Compared to statewide data for all community colleges, Moraine Valley鈥檚 investment analysis shows it offers a higher rate of return to its taxpayers: 5.0% to the state鈥檚 2.6%.
According to the study, Moraine Valley students will receive a cumulative present value of $343.1 million in increased earnings over their working lives because of their education. This translates to a return of $5.60 in higher future earnings for every dollar students invest in their education 鈥� $1.30 more than the state average for community college graduates. Furthermore, the study found that for every dollar invested in Moraine Valley, people in Illinois will receive $10.40 in social benefits for as long as the college鈥檚 2023-24 fiscal year students remain active in the state workforce.
Steve Pappageorge, vice president of Workforce, Strategy and External Affairs at Moraine Valley, added, 鈥淭he jobs Moraine Valley supports are stable, in-demand careers that support a robust economy. Over 25% of our alumni work in the healthcare and social assistance industry alone.
Our graduates bolster growth in Career Programs 鈥� many of which lead to careers that cannot be replaced by technology or Artificial Intelligence.鈥�
In addition to economic impact, the study reinforces the role community colleges play in advancing workforce readiness, increasing earning potential and improving quality of life. The average associate degree graduate earns $9,000 more annually than a high school graduate.
鈥淚llinois community colleges are one of the smartest investments we can make in our state鈥檚 future,鈥� said ICCB Executive Director Brian Durham. 鈥淭his study makes it clear 鈥� our colleges are not only transforming lives through education, but they are also strengthening Illinois鈥� economy, supporting hundreds of thousands of jobs, and delivering real returns for taxpayers and communities across the state.鈥�
Community colleges like Moraine Valley serve as critical partners to business and industry, providing a steady pipeline of skilled workers while supporting regional economies through job creation and increased productivity.
###
For news media inquiries, contact Madisson Younglove, assistant director of Communications at Moraine Valley, at (708) 974-5281 or younglovem2@morainevalley.edu.
