WORCESTER, MA – October 15, 2024 – A recent economic impact study revealed that Quinsigamond Community College (QCC) contributed $349.8 million to the regional economy in fiscal year 2022-23. The study, conducted by Lightcast, demonstrates QCC's role in supporting local jobs, boosting student earnings and providing a strong return on investment for students, taxpayers and society.
According to the study, through its operations and construction spending, student spending and alumni impact, QCC added $349.8 million in income to the economy of its service area, equivalent to supporting 3,930 jobs.
Key findings of the study included:
- Alumni Impact: Former QCC students generated $276.9 million in added income for the regional economy, supporting 2,738 jobs.
- Student Return on Investment: The average associate degree graduate from QCC will see an increase in earnings of $11,200 each year compared to a person with a high school diploma or equivalent working in Massachusetts.
- Taxpayer Benefits: State and local taxpayers see a return of $1.30 for every dollar invested in QCC.
- Societal Impact: Society receives $7.00 in added state revenue and social savings for every dollar invested in QCC.
“This report clearly demonstrates the influence QCC has on our local economy, area industries and the workforce,” said QCC President Luis G. Pedraja, Ph.D. “As one of the largest colleges in Worcester, QCC continues to make an indelible impression on our communities. This study shows what we do here each and every day - facilitate student success, which translates into our region’s success.”
QCC's day-to-day operations and construction spending added $69.3 million to the regional economy, while student spending contributed an additional $3.6 million.
The college serves as a key source of employees for regional industries, particularly in healthcare. The study found that QCC's impact supported 1,043 jobs in the Health Care & Social Assistance sector alone.
Lightcast based its report on several sources including QCC’s academic and financial reports, data from the U.S. Bureau of Labor Statistics and data from the U.S. Census Bureau.