Our state's public community colleges play a crucial role in the economy. They help to develop our workforce and prepare students for academic studies. 50 communities colleges in the state were established to provide education and training for students from specific areas.
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About 700,000 students enrolled in Texas' higher education institutions, 46 percent. This figure is higher than any other type. Two main purposes are served by community college courses.
It can be a step towards a bachelor's program. In 2017, 34% of four-year college students had at least 30 credits from a community college. Second, community colleges are important for workforce development. They provide specific skills and accreditation that can be used to a variety of occupations. These options offer many students a cost-effective and quick path to rewarding careers.
Affordability
Most community colleges in Texas are cheaper than higher education options. Texas' two years of IHEs ranked fourth in the nation in tuition and fees for 2017. This is compared to an average U.S. cost of $3,243. On average, Texas' four year public IHEs cost $8,375 annually. A student who graduates from a community college has an average debt of half the amount that a student with a four-year IHE.
National Economic Impact of Community Colleges
Emsi and the American Association of Community Colleges teamed up in 2014 to estimate the economic impact of community college across the country. It found that IHEs for two-years were more valuable than IHEs for one. 800 billion dollars About 5.4 percent of the U.S. GDP was contributed by the U.S. Economy in 2012.
U.S. students attending community college can expect to make an additional $4.80 per dollar that they have spent on tuition. The public sector receives $6.80 for every dollar taxpayer invests in community colleges. This is a return that has a present value greater than $70 Three hundred billion dollars Over the course their careers. Community colleges have more benefits than just higher incomes or tax revenue. They also provide better health and well being. One point one trillion dollars .
Community college graduates are more likely to benefit the local community by having higher-skilled employees. Study results showed that 61% of community college graduates reside within 50 miles of the college.
The influence that the economy has had on the entire state
The Comptroller's bureau requested financial data form Texas' 50 district community college districts. It then performed statewide, regional and national studies on their economic effects. Our analysis was conducted before the COVID-19 crises and subsequent economic effects. Texas' districts had total revenues of over $2.5 billion. Five point three billion dollars In fiscal 2018, there were Four and a half billion dollars Businesses and households can add economic activity to increase their total output by more than Nearly $10 billion annually. The colleges support nearly 78,000 jobs annually. Normal economic conditions show that every dollar spent at community colleges generates an additional 86cs of economic activity. Every dollar spent on compensation creates an additional 38cs of state economic income.
Our model represents a conservative estimate. Other studies, such as one by Emsi and one by this agency, in 2008, and 2015, found a much larger impact.
Education Attainment Pays Higher Wages
Community colleges are able to provide good returns on tuition and time investment, regardless how big or small the impact.
Texas workers with some college, associate or permanent jobs earn an average of $8.393 per year more than Texas high school graduates.
Just for the 3.2 millions workers, the wage increase adds another dimension. 27.2 billion dollars Each year, the state receives more than five times as much in direct compensation for its economy.
This is particularly noteworthy considering the average Texas community college tuition of $2,209 per year and the small educational commitment of a two-year associate degree.
The Future of Texas's Community Colleges
The Texas Legislature recognizes community colleges' growing importance and allows students to transfer credits easily from one school to another. Dual credit programs are also simplified by improving coordination between IHEs and high schools.
According to an OEC and D 2012 study, Texas is currently experiencing a skills gap. This means that only 43.5% of Texas' 24- to 34-year-olds are holding a degree/certificate and 38.9% hold an associate degree. According to Texas Higher Education Coordinating Board (THECB), at least 60 per cent of Texas' population should possess a degree/certificate to keep Texas competitive in the international market.
In Texas, IHEs awarded fewer degrees and certificates than the market demanded during 2017-18. According to the needs of their workers, there was a shortage among Texas IHEs with certificates and degrees that are two years old.
These gaps can be filled by community colleges, which pay particular attention to the demands of the rapidly-changing economy. For example, some colleges have strong relationships with local employers in order to identify and fill skills gaps in their communities. JobsEQ reports that Texas community colleges are able to award degrees in business, health, and general studies. These degrees can also be used to help students transition to four-year IHEs.
In conclusion
Texas' 50 communities college districts are responsible for billions in state economic output. These funds directly and indirectly support thousands more jobs. Our community colleges are vital in developing the workforce. They offer students in Texas the chance to learn high-demand skills at an affordable price and help them prepare for four-year university education.
