A recent Economic Impact Report carried out by EMSI on our 2006/2007 learner data showed that studying at GCC has a positive impact on the earning potential of our learners and the local economy:
- The economy in our area received £13.1million in net income due to our payroll and operations spending.
- The accumulated contribution of past and present learners still active in the local economy came to £29.7million in 06/07.
- 14% of our learners commuted or relocated to our area to attend college, spending a total of £1.4 million. These expenditures generated c. £653,400 in added regional income.
- The college accounted for £43.5 million in added regional income in 06/07.
- The UK will avoid social costs amounting to £89 per year for every qualification gained. This translates to £254,400 in social savings to the Exchequer.
- Learners generate £2.7 million annually in higher earnings.
- For every pound allocated by govt, taxpayers see a cumulative return of £1.20.
- The public will see a rate of return of 4%. * The average annual earnings of a learner with a Level 2 qualification are £32,600, 23% more than someone without a formal qualification.
- The average annual earnings of a learner with a Level 3 qualification are £36,600, 38% more than someone without a formal qualification.
- Learners see a 4% annual rate of return on their educational investment.
- Throughout their working career, the average learner’s discounted lifetime will receive back every pound invested in education through tuition fees and foregone wages.
