HARFORD COMMUNITY COLLEGE
ECONOMIC
IMPACT
Overview Fact Sheet
Harford Community College plays a significant role in the local economy and is a sound investment from multiple
perspectives. Students benefit from improved lifestyles and increased earnings. Taxpayers benefit from a larger
economy and lower social costs. Finally, the community as a whole benefits from increased job and investment opportunities, higher business revenues, greater availability of public funds, and an eased tax burden.
INVESTMENT ANALYSIS
Student Perspective
• HCC served 22,168 students in the 2011-12
reporting year.
ECONOMIC GROWTH ANALYSIS
College Operations Effect
• The Harford County economy annually receives $26.6
million in income due to HCC operations.
• Education increases lifetime income. The average
income at the career midpoint of someone with an
associate’s degree in Harford County is $47,300.
Students enjoy a 20.3% rate of return on
their investment in HCC.
• The average HCC student’s income increases by $5.90
for every dollar invested in HCC.
Added income attributable to the
accumulation of HCC skills amounts to
$325.8 million each year.
Student Spending Effect
• HCC estimates that approximately 13% of its
students come from outside the county.
• The expenditures of HCC‘s non-local students
generate roughly $706,400 in added income in
Harford County each year.
• Students enjoy an attractive 20.3% average rate of
return on their HCC educational investment,
Productivity Effect
recovering all costs in 7.3 years.
• The Harford County economy embodies an estimated
Social Perspective
2.1 million credits that have accumulated over the
• Higher earnings of HCC students and associated
past 30-year period as thousands of former HCC increases in state income expand the tax base in
students enter the workforce. Maryland by about $48.7 million each year.
• HCC credits translate to higher earnings for students
• Maryland will see avoided social costs amounting to
and increased output of businesses. The added income
$1.7 million per year due to improved health, reduced
attributable to the accumulation of HCC credits in
crime, and reduced welfare and unemployment.
the workforce amounts to around $325.8 million
each year.
Taxpayer Perspective
• State and local governments allocated approximately Total Effect
$44.4 million in support of HCC in FY 2011-12.
• Total annual impacts on Harford County sum to
$353.1 million.
• For every dollar of this support, taxpayers see a return of $2.00 (in the form of higher tax receipts and • The total impact represents 4.3% of the total county
avoided costs).
economy and roughly 6,900 average wage jobs.
• State and local governments see an annual rate of
return of 7.7% on their support for HCC.
J A N U A R Y 2013
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