A new study released today by the Illinois Community College Board revealed Illinois Community Colleges account for $3.5 billion in economic output and more than 43,000 jobs.
The report states, “Illinois’ 48 community colleges boost local economies and are important sources of revenue and employment for the communities and regions they serve.”
The study, which was last issued in 2014, is a valuable assessment tool for Illinois’ community college system (the third largest in the nation) as it continues to strive to increase value and access for all Illinoisans.
IVCC President Jerry Corcoran said, “The report reinforces the value of completing a certificate or AAS degree. It also demonstrates the tremendous return on investment our graduates enjoy.”
ICCB executive director, Dr. Brian Durham added, “Our system plays a vital role in meeting the needs of Illinois’ workforce by providing quality training and education and gives students a greater opportunity to earn higher wages in countless industries throughout the state.”
It evaluates Illinois’ community college system on its ability to meet the needs of business and industry, equity, student outcomes, students’ return on investment, and the system’s overall economic impact to local economies and job growth.
The report also examines statewide trends including employment, population, race and ethnicity changes, and the COVID-19 pandemic.
“Community colleges remain a valuable resource for students of all walks of life. We are committed to creating an equitable path to economic mobility no matter who you are or where you live through the Illinois community college system,” said Dr. Lazaro Lopez, ICCB Board Chair.
The study found that more than 84 percent of students who earn a long-term certificate or Associate in Applied Science (AAS) are employed in solid paying career jobs within a year of graduation.
Investing in an Illinois community college long-term certificate or AAS yields an average annual rate of return of nearly 27 percent, with an average wage increase of nearly 40 percent one year after graduation.
Annual earnings are even greater in specific areas of study. For students graduating with long-term certificates in architecture and construction programs, the average annual earning five years after graduating is $60,552, while manufacturing program graduates earn $54,378 in the same timeframe.
“Community colleges are integral to building a skilled workforce, which is essential to the success of the Illinois and American manufacturing sector. These great institutions provide students with educational opportunities that include both technical training and soft interpersonal skills to make sure that manufacturers have a competitive and modern workforce,” said Mark Denzler, president and CEO of the Illinois Manufacturers’ Association.
“We’re very proud that Governor Pritzker recently adopted the IMA Education Foundation’s initiative to create two Manufacturing Academies on community college campuses, which will further strengthen the longstanding partnership between manufacturers and community colleges while providing students with skilled job training.”
The study also looked at Illinois community colleges’ impact on local economies.
In 2020, Illinois community colleges employed nearly 33,000 staff with a total payroll of $1.3 billion. In addition to wages and salaries, the colleges account for almost $500 million in additional expenses.
“An investment in a community college education benefits all stakeholders -- students, taxpayers, businesses, and society as a whole. Illinois community colleges place the benefits of higher education within reach for everyone,” said Jim Reed, executive director of the Illinois Community College Trustees Association.
These direct impacts ripple through the economy creating additional jobs, payrolls, and other economic activity. The total economic output of community colleges on the statewide economy in fiscal 2020 is estimated at $3.5 billion and 43,316 jobs.
“The state’s 39 community college districts serve an extremely diverse student body and our colleges’ commitment to equity is demonstrated in the undergraduate enrollment data which shows we serve more underrepresented minority students than all other Illinois higher education institutions combined. We are proud to be our communities’ colleges, and the data in this report illustrates our continued investment in our communities and the residents we serve,” Illinois Council of Community College Presidents Chair/Lake Land College President, Dr. Josh Bullock said.
When examining earnings one year prior to completion compared to three years after completion, African American student earnings increased 47 percent while Latinx students increased their earnings by 57 percent.
The ICCB is the state coordinating board for 48 community colleges in 39 districts. Illinois’ system serves nearly 1 million residents each year in credit and noncredit courses.
For a copy of the full report, visit https://bit.ly/iccbEIS.
From Illinois Valley Community College’s Community Relations Office, 815.224.0466