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RVCC: A Sound Investment for Business

RVCC Raises Consumer Spending
  RVCC employed 325 full-time and 425 part-time faculty and staff in the 2010-11 reporting year, with an annual payroll of $36.2 million.
     
  In addition to payroll, RVCC spent $19.3 million in FY 2010-11 for supplies and services, of which an estimated 40% was spent in the Somerset and Hunterdon counties.
   
  RVCC estimates that approximately 16% of its students come from outside the Somerset and Hunterdon counties. Non-local students who settle in the region spend money at local businesses for food, transportation, and other personal expenses.





RVCC Generates New Income
  The net added income generated by RVCC operations ($31.6 million) and the spending of out-of-county students ($541,500) contribute a total of $32.2 million in income to the Somerset and Hunterdon counties economy each year.
     
  The increased productivity of workers due to the accumulation of past and present RVCC skills in the Somerset and Hunterdon counties workforce creates approximately $270.7 million in added income each year.
  Added Income in Somerset and Hunterdon counties due to RVCC ($ Millions)
 


RVCC Creates a Skilled Workforce
  RVCC activities encourage new business, assist existing business, and create long-term economic growth. The College enhances worker skills and provides customized training to local business and industry.
     
  An estimated 1 million RVCC credits have accumulated in the Somerset and Hunterdon counties workforce over the past 30-year period as former RVCC students (completers and non-completers) enter the regional workforce each year.
  Average Earnings in Somerset and Hunterdon counties
 




Summary of findings from the 2012 study the Economic Contribution of Raritan Valley Community College. The study was conducted by Economic Modeling Specialists Inc., a national leader in conducting economic impact studies for community colleges and other institutions of higher learning.

 


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