Adding to the Health and Success of the Local Community
A recent study by Emsi, a leading provider of economic impact reports, shows that County College of Morrisâ€™ annual contribution to the Morris County economy equates to more than $484 million.
Analyzing data from Fiscal Year 2015-16, the study found that the $484 million impact on the countyâ€™s economic health includes the creation of new jobs, student spending and the contribution of alumni, largely related to the higher earnings of graduates as a result of obtaining a college degree.
The average annual salary of an associate degree holder at career midpoint in New Jersey is $60,300 compared to $47,200 for those with only a high school diploma. For students who go on to earn a bachelorâ€™s degree, the average career midpoint salary is $91,300.
PayScale, which maintains the largest database of salaries worldwide, also has listed CCM as number one in New Jersey in terms of community college graduate salaries. According to PayScaleâ€™s 2017-18 salary report, the mid-career median pay of CCM alumni with an associate degree is $69,900, placing them higher than the state average and 57th nationwide among community and career college graduates.
The Emsi study additionally found that for every $1 students invest in their CCM education, they receive a minimum $4.40 in higher future earnings, equating to an average annual rate of return of 14.5 percent.Â In comparison, the average annual 30-year return in the U.S. stock market is 10.1 percent.
â€śMost residents know that as an educational institution, CCM is a significant supplier of trained individuals who possess the knowledge and skills to contribute to society on multiple levels,â€ť notes Dr. Anthony J. Iacono. â€śNot as many, however, realize the extent of the economic impact the college, its students and graduates have on the county. As this study shows, Morris County residents have multiple reasons to be proud of their community college.â€ť
The study additionally showed that the college generates much more in tax revenue than it receives, providing a 17 percent return on investment. In Fiscal Year 2015-16, the college added about $220.1 million in tax revenue, stemming from graduatesâ€™ higher earnings and the increased output of businesses as a result of college purchases.
Also noted in the study is that the college is a major employer for the region with more than 850 full- and part-time faculty and staff.