Over the past five years, Pellissippi State Community College has pumped an average of $263 million per year into the local economy.
From 2011-2016, that amounts to about $1.3 billion in economic impact, or the value of business volume, jobs and individual income in Knox and Blount counties that’s tied to Pellissippi State.
“Pellissippi State’s economic impact in our community is important, but we at the college consider it of greater import that we work to change the lives of everyone who comes through our doors,” said Pellissippi State President L. Anthony Wise Jr. “Our most significant impact comes from graduates who pursue their dreams and, in turn, give back to our community.”
Of the college’s $1.3 billion in total impact, the majority — $1.05 billion — can be attributed to the infusion of new, non-local revenues.
“This impact would likely not have occurred without the presence of Pellissippi State in the area,” said educational consultant Fred H. Martin, who conducted the study.
Every single dollar of local revenue that comes into Pellissippi State generates an estimated annual return on investment of at least $6.51, comprised of $3.16 in local business volume, plus at least $3.35 in individual income.
The report also studied what a degree from Pellissippi State might mean for a student. According to the American Association of Community Colleges, associate degree graduates can expect to earn about $470,800 more over their work lifetime than if they only had a high school diploma. For Pellissippi State’s 1,429 graduates in academic year 2015-2016, this means an additional $673 million in lifetime earnings and $2.7 million in additional annual tax payments, which benefit the economy.
Pellissippi State’s business volume impact in the community amounted to about $640 million from 2011-2016. Of that total, $504 million came from non-local revenues such as state appropriations, grants, contracts and federal student financial aid revenues.
Over the five-year period, Pellissippi State’s expenditures created and sustained an estimated 43,855 jobs. More than 34,000 of those were created by external or new funds. The College itself employed 2,734 full-time employees from 2011-2016.
The total impact of Pellissippi State’s expenditures on personal income in the area amounts to about $678 million over the past five years, including $547 million from new or external funds.
The complete 29th annual analysis of Pellissippi State’s economic impact in Knox and Blount counties can be accessed at www.pstcc.edu/ieap under “Fact Books and Data Reports.” For more information, visit www.pstcc.edu or call 865-694-6400.