HUNTSVILLE – Drake State Community and Technical College generated a $61 million economic impact in Madison and Morgan counties during the fiscal year 2023-24, according to a recent economic impact study by Lightcast.
The study highlights the college’s contributions to the regional economy, its role in enhancing students’ earning potential, and its overall return on investment for taxpayers and society.
The analysis, conducted using employee, student, and financial data, found that Drake State supported 943 jobs in the region through its operations, construction projects, student spending, and the increased productivity of its alumni.
Key highlights include:
- Operations spending: Drake State’s payroll of $8 million and $6.4 million in goods and services purchases contributed $10.7 million to the regional economy, supporting 194 jobs.
- Construction projects: Capital investments generated $7.8 million in added income and supported 98 jobs.
- Student spending: Out-of-region and retained students spent $1.1 million in the area, supporting 23 jobs.
- Alumni impact: Graduates working in the region contributed $41.4 million in added income, supporting 629 jobs.
Drake State also delivers significant returns on investment for its stakeholders. For every $1 that students invest in their education, they gain $5.50 in increased lifetime earnings. Society as a whole sees a $3.40 return for every $1 invested.
“Drake State creates value not only for our students but for the entire region,” said Dr. Patricia Sims, President of Drake State. “This study demonstrates how our college is preparing a skilled workforce, strengthening our economy, and improving lives in Madison and Morgan counties.”
The report highlights Drake State’s broader contributions, including increased economic activity, reduced demand for public assistance, and improved quality of life for students and their families.
Drake State’s full economic impact report, which includes methodologies, can be found here.
