Laurel Ridge boosts local economy by $265.7 million

Logo used by permission from Laurel Ridge Community College

A recent economic impact analysis revealed that Laurel Ridge Community College brought roughly $265.7 million to the local economy.

The largest portion of their impact comes from the increased earnings of Laurel Ridge Alumni and their employers.

This accounts for $227.4 million and supports over 2,900 jobs.

The college’s payroll and spending added an additional $24.5 million to the economy through consumer spending like groceries, rent, and other purchases.

The study also showed that for every dollar invested in Laurel Ridge, taxpayers receive $1.50 in value over the course of alumni’s work lives.

This comes from additional tax revenue made by alumni in the workforce.

A 2022 graduate with an associates degree will earn an additional $432,900 over the course of their career.

The study also anticipated Laurel Ridge students would save the region $4.5 million by reducing the demand on healthcare, justice systems, and welfare benefits.

Lightcast, a labor market analysis firm, conducted the study on the entire Virginia Community College System and a few individual schools, including Laurel Ridge.

A link to the announcement and the full report is available here.

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