National Park College (NPC) recently concluded an economic impact study with labor market analytics company LightCast. The results of the study were presented Wednesday during the regular monthly meeting of the NPC Board of Trustees.
Dr. Wade Derden shared key findings from the 96-page report. He said the purpose of the study was to take a snap shot of how well the College is serving the community. The report was limited to Garland County. Results are based upon data from fiscal year 2021-22. “That means that this is a snap shot in time of NPC’s economic impact,” he emphasized.
“NPC’s total impact from alumni, current students, and employees on the county economy is $111.4 million, which means the College supports 1750 jobs locally beyond the 309 employees who work for NPC. In short, one in every 31 jobs in Garland County is supported by the activities of this college,” reported Derden.
Alumni contributions total $83.5 million. The College’s operational impact is $23.7 million and student spending equals the remaining $4.2 million.
“Those numbers reflect the impact we have, but there is also a return on investment element of the study that is important. For every dollar a student spends on their education at NPC, they get a $13 return on investment. Current students will collectively receive $66.6 million in increased earnings over their working lives. That corresponds to an 84.7% rate of return,” Derden noted.
Derden said Garland County taxpayers will receive an estimated $23.3 million in added tax revenue stemming from higher lifetime earnings for the class of 2022.
The report stated that the community receives a $6.40 societal impact for each dollar invested in the College. The local community can expect a return of $236.1 million in added revenue over the course of the students working lives. The community will also benefit from a $7.3 million social savings related to reduced crime, lower welfare and unemployment assistance, and increased health and well-being.
Derden said to remember this is a snap shot of a single year. “We are only analyzing the results from the student body of fiscal year 2021-22. This is the impact that the community has felt and will continue to feel from this one class. The community can expect the same impact every single year with each new class.”
“This is a conservative estimate. For instance, the study assumes that if NPC was not here, only 10% of the students would seek a college education outside of Garland County. We simply know that is not true. If the College did not exist, most of our students and alumni would leave or would have left the county for higher education elsewhere, and fewer would have returned after their education to pursue a career here. So, the actual economic impact of the College is far greater than this amount, but we felt it was prudent to present a conservative picture of the College’s impact,” Derden added.
NPC Board Chair, Joyce Craft said, “The economic impact study is an exclamation mark on the 50th anniversary. The study demonstrates than NPC is vital to this county not just in the students being served and educated but also in driving the economy. I hope that students see the benefit of the investment they are making in their education. For every dollar they invest in their education at NPC, they will get a $13 return. As this study becomes public, it should help communicate the importance of NPC in the future.”
“These results reflect NPC’s responsibility to continue to grow and contribute to the quality of life and economic prosperity for Garland County. We continue to view this responsibility as an imperative,” said Dr. John Hogan, NPC president.
