September
18, 2007
Economic Impact Study Shows Oakton Contributions
Oakton Community College graduates can expect a 75 percent increase in earnings over their lifetime, according to the results of a new economic impact study commissioned by the Illinois Community College Board (ICCB).
The report by the Center for Governmental Studies at Northern Illinois University reveals that a 25-year-old Oakton student who completes a program of study can expect a lifetime earnings premium of $903,693 over their projected total lifetime earnings of $1.2 million had they not completed a program. The study assumes an annual average salary of nearly $33,000 over 30 years, with yearly increases of three percent.
Highlights of the study, called "The Economic Impact of Illinois Community Colleges" (available at www.iccb.org), include the fact that seven out of 10 area employers hired an Oakton student at some point over the past decade. In the same period there was a 4.5 percent increase in students completing a program at Oakton. The report also indicated that 1995 Oakton graduates paid an estimated $3.7 million in state taxes and more than $14 million in federal taxes between 1996 and 2005.
"One of the biggest benefits for the state's economy is that community college graduates stay within Illinois after they graduate," said Geoff Obrzut, ICCB president and chief executive officer. "This helps eliminate 'brain drain' and further boosts the investment that Illinois and local college districts make in community colleges."
As a major employer and business entity, Oakton contributes local sales and wages and nearly 1,300 jobs to the local economy, the report said. In fiscal year 2005, Oakton directly employed 382 full-time and 649 part-time staff with a total payroll of more than $34 million. In addition to wages and salaries, Oakton reported $8.2 million in operating expenditures. These funds produced an estimated $3.5 million in output, for a total economic impact of $11.7 million and approximately 179 additional jobs.
For more information, contact the Office of College Advancement, 847-635-1806.
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Economic Impact Study Shows Oakton Contributions
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