A newly released study by Lightcast, a leading international provider of economic impact studies and labor market data, highlights the powerful economic engine that County College of Morris (CCM) has become, generating an impressive $586.1 million in added income for the region infiscal year 2022-23. This impact supports 5,977 jobs, meaning that one out of every 75 jobs in Morris County is tied to the activities of CCM and its students.
The study underscores CCM’s far-reaching influence, with its economic contributions extending well beyond the college itself. In addition to strengthening the workforce and local businesses, CCM generates a substantial return on investment for state and local governments. Notably, the college helps save $11.0 million in public assistance costs by reducing the number of individuals who require welfare or unemployment benefits. Over the course of students’ working lives, New Jersey is projected to gain approximately$1.2 billion in additional state revenue.
A Catalyst for Economic Growth
“At CCM, our mission is to help all members of the community achieve their educational and career aspirations, and in doing so, we fuel economic growth across Morris County and throughout the state,” said Dr. Anthony Iacono, president of CCM. “Contributing over half a billion dollars to the local economy and the state of NJ is no small feat—it’s a testament to the incredible value CCM provides to our community, businesses and workforce.”
A High-Value Investment with Strong Returns
Students, taxpayers and the community benefit from the strong financial returns CCM provides. Beyond job creation and economic stimulation, CCM delivers exceptional returns on investment for students, taxpayers and society:
- Students (11,680 served in 2023-24) – For every $1 invested in their CCM education, they gain $3.90.
- Taxpayers – Every $1 of public funding generates $4 in tax revenue.
With a proven track record of fueling economic growth, preparing a skilled workforce and delivering strong financial returns, CCM, a nationally ranked community college, continues to be a driving force in Morris County’s prosperity and a cornerstone of New Jersey’s economic future.
