The Kentucky Community and Technical College System is boasting of their economic impact in the state, with a report showing KCTCS adds $3.9 billion to the economy.
According to a news release, an independent economic impact study was conducted outlining the affect KCTCS has on the lives of all Kentuckians. The report determined that KCTCS added $3.9 billion in annual income to Kentucky’s economy during fiscal year 2022-2023, equal to 1.6 percent of the Bluegrass State’s gross state product.
In terms of jobs, KCTCS supported more than 54,000 jobs, equating to one out of every 49 jobs in the commonwealth.
The study concluded that every dollar, KCTCS students earned an additional $6.50 in lifetime earnings—nearly $10,000 annually—tax revenue more than doubled and, in total, Kentucky counties saw an almost tenfold increase in added income.
President Ryan Quarles says, “KCTCS is an economic boom for our students, business partners, taxpayers and the state economy. As this report makes crystal clear, KCTCS greatly increases students’ and participants’ lifetime earnings, generates higher tax revenues and creates stronger communities. We look forward to continuing to build on our outstanding track record of success in making a positive difference in the workplaces, classrooms and counties across the Bluegrass State.”