In full transparency, the press release and the photo were submitted to SOURCE media from MassBay Community College.
WELLESLEY – According to a study of fiscal year 2019 data released last month, MassBay Community College “is a strong investment for all three major stakeholder groups—students, taxpayers, and society.”
Conducted by the labor market data company Emsi, the findings definitively show the value of MassBay for students, taxpayers, and society.
Students. The study found MassBay’s annual regional income contribution (operations spending, student spending, and alumni impact) to be $142.7 million, supporting 1,794 jobs in and around MetroWest. For every dollar students spend to attend MassBay (out-of-pocket expenses and foregone time and money), they receive $5.50 in benefits in the form of future higher earnings.
Taxpayers. The present value sum of added taxes and public sector savings is $47 million, compared with $25.6 million in state funding to the College. So, for every dollar spent on MassBay, taxpayers receive a value of $1.80 over the course of students’ working lives. The study notes the average annual rate of return for taxpayers is 5.4%, an exceptional value that compares favorably to most long-term investments.
Society. Benefiting from an increased economic base in the state and improved lifestyles of MassBay students, the study calculates MassBay’s benefit to society to be a present value of $553.6 million, compared with $60.7 million invested by the people of Massachusetts. So, for every dollar invested in MassBay, the people of Massachusetts receive a cumulative value of $9.10 in benefits.
“As this study indicates, MassBay Community College is an exceptional investment for the citizens of Massachusetts,” said MassBay President David Podell. “The investment in MassBay not only transforms the lives of our students, it also returns an exceptional value to the Commonwealth. Especially since our programs provide skills and training in business and industry that drive the MetroWest economy, we will remain a vital resource for our collective future. We are proud of the contributions our current and past alumni have made to the communities in MetroWest, and we remain committed to being the most affordable higher education option in the region.”
About the study: Data and assumptions used in the study are based on several sources, including the FY 2018-19 academic and financial reports from MassBay, industry and employment data from the U.S. Bureau of Labor Statistics and U.S. Census Bureau, outputs of Emsi’s Multi-Regional Social Accounting Matrix model, and a variety of studies and surveys relating education to social behavior. The study applies a conservative methodology and follows standard practice using only the most recognized indicators of economic impact and investment effectiveness. For a full description of the data and approach used in the study, please contact the college for a copy of the main report.
MassBay Community College is the most affordable higher education option in MetroWest Boston, offering a robust portfolio of courses and more than 70 associate degree and certificate programs with flexible day, evening, and weekend classes in Ashland, Framingham, Wellesley Hills, and online. MassBay students receive an unmatched educational value by earning stackable credits that transfer to bachelor’s degree programs, and workforce-ready skills necessary to advance careers in high-demand fields such as health and life sciences, automotive technology, engineering, business, cybersecurity, and the humanities. MassBay’s Associate Degree in Nursing (RN) and Practical Nursing (LPN) programs were both ranked as the #1 Nursing Program in Massachusetts in 2020-2021 by national nursing advocacy organizations RegisteredNursing.org, and PracticalNursing.org. Since its founding in 1961, MassBay has been accredited by several governing bodies and remains firmly committed to its mission of meeting the needs of the diverse local communities it serves. We value the intrinsic worth of all individuals, collectively in pursuit of inclusiveness and prioritize our work towards achieving equity within our community and beyond.