MAYS LANDING — A recent Economic Impact Analysis study highlighted Atlantic Cape Community College’s vitally important role and positive impact it plays in helping students successfully achieve their goals and obtain worthwhile careers, support numerous local industries and benefit the residents economically through increased tax revenues across both Atlantic and Cape May counties.
This study was commissioned by Atlantic Cape as part of a larger statewide study conducted through Lightcast by the New Jersey Council of County Colleges. “The Economic Value of Atlantic Cape Community College” verifies the value Atlantic Cape brings to the community by promoting economic development, enhancing students’ careers, and improving the quality of life for residents throughout Atlantic and Cape May counties.
"As part of our mission, Atlantic Cape Community College is proud to play a critical role in strengthening our region by training and educating our students with the knowledge and skills required to earn a worthwhile and stable career here in Atlantic and Cape May counties," said Dr. Barbara Gaba, President, Atlantic Cape Community College. "This study verifies the positive impact that Atlantic Cape has on our students, taxpayers and the community through a 16% return on student investment, increased tax revenue, millions in regional income and spending, and thousands of jobs created."
The report assessed the impact of New Jersey’s Community Colleges on the State’s economy and the benefits generated by the colleges for students, taxpayers and community. The results proved that the State’s community colleges create a positive net impact on the State economy and generate a positive return on investment for students, taxpayers and the community.
“This analysis quantifies and reinforces what we already knew about the substantial economic impact of New Jersey’s 18 community colleges,” said Aaron Fichtner, President, New Jersey Council of County Colleges (NJCCC). “Community college alumni, through their knowledge, creativity, and entrepreneurship, meet the workforce needs of the state’s evolving innovation economy and, through higher lifetime earnings, contribute directly to our state’s economic prosperity.”
Atlantic Cape’s analysis gleaned important local economic impact data and found that:
- In FY 2023–24, Atlantic Cape served nearly 9,000 students and employed 692 faculty and staff, showing its tremendous scale educationally and in the community.
- Atlantic Cape, along with being an institution of higher education, is also a measurable economic engine for Atlantic and Cape May counties. In FY 2023–24, the College generated $315.1 million in added regional income and supported 4,108 jobs.
- One out of every 59 jobs in our region are supported by Atlantic Cape and its students.
- Atlantic Cape’s impact is equal to 1.4% of regional gross product, making it nearly as large as the entire regional Transportation & Warehousing industry.
- Atlantic Cape’s spending on operations added $37.2 million in income to the region and supported 749 jobs through the College’s payroll and operational expenditures.
- While attending Atlantic Cape, student spending added $17.5 million in income to the region and supported 259 local jobs through that spending.
- Atlantic Cape delivers a positive public return for taxpayers of $1.80 back for every tax dollar invested, plus a 4.5% annual return through higher tax revenues and lower public-service costs.
- Atlantic Cape delivers an even larger return for the community overall with $7.70 in benefits for every $1 invested in the College.
Important economic analysis of Atlantic Cape students and alumni found that:
- Atlantic Cape is a strong investment and it is estimated that students receive $5.10 back for every $1 invested, with a 16.2% annual return and an 8.6-year payback period.
- Atlantic Cape’s alumni alone accounts for $260.4 million and 3,100 jobs, showing that Atlantic Cape’s long-term contribution is really about talent development and workforce strength.
- The report estimates that 92% of Atlantic Cape’s students remain in Atlantic and Cape May counties after graduating and become part of the local workforce. Atlantic Cape is not just educating students; it is helping retain talent in the region.
- Atlantic Cape is a powerful economic engine for the region. Through its operations, its students, and especially its alumni workforce, the College strengthens local industries, supports thousands of jobs, and generates substantial economic returns for students, taxpayers, and the community.
Atlantic Cape’s economic impact analysis study was part of the larger, statewide NJCCC study released last month, “The Economic Value of New Jersey’s Community Colleges,” which underscored the value of New Jersey’s community colleges to society. The state’s 18 community colleges add $12.8 billion to New Jersey’s economy, which is approximately 1.6% of the total gross state product. This number reflects an increase in economic activity that supports 135,492 jobs, which is one out of every 46 positions in the state’s employment market.
In addition, for every dollar invested in a New Jersey community college, taxpayers gain $8 in added revenue from students’ increased lifetime earnings and increased business output, raising economic prosperity in the state. Finally, graduates of a New Jersey community college gain $4.30 in higher lifetime earnings for every $1 they invest in their higher education. This equals an average annual return of 14.9%.
Data and assumptions used in “The Economic Value of Atlantic Cape Community College” study are based on several sources, including the FY 2023-24 academic and financial reports from Atlantic Cape, industry and employment data from the U.S. Bureau of Labor Statistics and U.S. Census Bureau, outputs of Lightcast’s Multi-Regional Social Accounting Matrix model, and a variety of studies and surveys relating education to social behavior. The study applies a conservative methodology and follows standard practice using only the most recognized indicators of economic impact and investment effectiveness.
Lightcast is a nationally recognized economic and data consulting company with deep expertise in labor market, workforce, and higher education impact analysis. Data and assumptions used in the study are based on FY 2023-24 academic and financial reports from the colleges; industry and employment data from the U.S. Bureau of Labor Statistics and the U.S. Census Bureau; Lightcast’s modeling; and studies and surveys relating education to social behavior.
About Atlantic Cape Community College
Established in 1964, Atlantic Cape Community College is a Middle States accredited, Hispanic Serving Institution proudly serving the residents of Atlantic and Cape May counties. As a comprehensive, two-year community college, Atlantic Cape offers 47 undergraduate degree programs, and 34 certificate and workforce development professional series programs at its Mays Landing, Atlantic City and Cape May campuses. Atlantic Cape is home to the renowned Academy of Culinary Arts, rated the top culinary school in New Jersey, and for more than 50 years, our highly-acclaimed Nursing program. Atlantic Cape also partners with more than 30 colleges and four-year universities to offer students the opportunity to seamlessly earn a bachelor’s degree upon graduation.
