Allan Hancock College economic impact more than $540 million last year

SANTA MARIA, Calif. -- Allan Hancock College released a new economic impact survey and the results show the school adds over $540 million in added income in Santa Barbara, San Luis Obispo, and Ventura counties.

"It's nice to frame the benefits in a number," said Dr. Paul Murphy, the Vice President of Institutional Effectiveness at Allan Hancock College.

"That number is based on the counter-factual 'What if the college isn't here?', that's how much less income would be generated," said Dr. Murphy.

The biggest beneficiaries, according to the survey, are students and society at large.

Students should expect to earn nearly four dollars for every dollar spent on school. That is a nearly 20 percent return on investment.

The survey also highlights the return taxpayers get and serves as a reminder of the value of local learning centers like community colleges.

Dr. Murphy also points out the effect a more educated workforce can have across the rest of society.

"Its a good deal for taxpayers and its a good rate of return," he said, referring to the 3.3 percent return on investment the survey shows taxpayers are getting.

"And its a good rate of return knowing we have a more educated and healthy workforce."

Allan Hancock alumni and the businesses they worked for account for nearly 80% of the $541 million in added income.

To view the entire economic impact survey, click here.