A recent independent economic impact study, one conducted by Lightcast, outlined the positive, transformative affects the Kentucky Community and Technical College System (KCTCS) has on the Bluegrass.
The state’s No. 1 provider of workforce training and education added $3.9 billion in annual income to Kentucky’s economy during fiscal year 2022-2023, equivalent to 1.6% of the Commonwealth’s gross state product.
Furthermore, KCTCS supported more than 54,000 jobs, equating to nearly 2% of all careers in Kentucky.
Ryan Quarles, KCTCS’s newest president, called the educational arm an “economic boom for students, business partners, tax payers and the state’s economy,” and noted that KCTCS “greatly increases students’ and participants’ lifetime earnings, generates higher tax revenues and creates stronger communities.”
For every $1:
— KCTCS students earned an additional $6.50 in lifetime earnings (nearly $10,000 annually);
— Tax revenue more than doubled ($2.30);
— And, in total, Kentucky counties saw a near tenfold increase in added income ($9.60).
The review drew from a wide range of sources, including academic and financial reports from the colleges, and pertinent industry and employment data from sources such the U.S. Bureau of Labor Statistics and U.S. Census Bureau.
