Illinois Valley Community College added $142.7 million in income to the Illinois Valley economy during fiscal year 2023-24, supporting 1,949 regional jobs — roughly one out of every 37 jobs in the area, according to a new economic impact study.
The report, “The Economic Value of Illinois Valley Community College,” highlights how the college strengthens local economies through operations, construction, and student spending while transforming the lives of its graduates, who continue to work, shop and support their communities for years after leaving.
“IVCC has had a tremendous impact on the Illinois Valley and surrounding communities for over 100 years,” IVCC President Tracy Morris said. “This study helps to show this impact in a very tangible way that helps our community, businesses, and families see how IVCC is a key partner for our district.”
The study reflects data from the 2023-24 academic year, when IVCC served 6,876 students.
IVCC’s economic impact breaks down into several categories. Alumni generated $112.2 million in added income for the regional economy, supporting 1,420 jobs. College operations spending added $25.3 million in income, supporting 437 jobs. Student spending contributed $4.4 million, supporting 84 jobs. Construction spending generated $852,000, supporting nine jobs.
The college’s $142.7 million impact equals approximately 1.8% of the total gross regional product of the Illinois Valley.
Morris emphasized the visible presence of IVCC graduates throughout the region. “The impact of our alumni can be seen across our district in our businesses, schools, health care facilities, police stations, and so much more,” Morris said. “IVCC graduates are active in our community agencies and are a vital part of making our area great.”
The study also calculated returns on investment. For every dollar invested in IVCC, students gain $3.80 in higher lifetime earnings, taxpayers gain $1.20 in added tax revenue and public sector savings, and society gains $5.80 in added income and social savings.
The analysis was conducted by Lightcast in partnership with the Illinois Community College Board, the Illinois Council of Community College Presidents, the Illinois Community College Trustees Association and the Illinois Community College System Foundation.
Statewide, Illinois community colleges served 538,541 students in FY 2023-24, generating a $27.2 billion total economic impact and supporting 324,000 jobs — one out of every 26 jobs statewide.
For more information about IVCC’s economic impact study, visit ivcc.edu/institutionaleffectiveness/economicimpactstudy.php.