Local News
Educating and Elevating: How Laurel Ridge Adds Millions to the Local Economy
Laurel Ridge Community College, a beacon of education in Virginia, has made a substantial economic contribution to its service region, according to a new analysis by Lightcast, a labor market analytics firm. This in-depth study, which also evaluated the Virginia Community College System as a whole, shines a light on the significant role that community colleges play in fueling local economies.
In fiscal year 2022, Laurel Ridge Community College injected an impressive $265.7 million into the local economy, which includes Winchester and the counties of Clarke, Fauquier, Frederick, Page, Rappahannock, Shenandoah, and Warren. This economic activity, accounting for approximately 1.6% of the gross regional product, supported 3,753 jobs, making the college a major player in the region’s employment sector.
The largest portion of Laurel Ridge’s economic impact, $227.4 million, stems from the enhanced earnings of its alumni and their employers. Additionally, the college’s operations, including a payroll of 671 employees, contributed $24.5 million to the economy through various consumer spending avenues.
An analysis of the return on investment for public funding into Laurel Ridge reveals that for every dollar invested, taxpayers receive $1.50 in cumulative value over the college alumni’s working lives. This return is manifested through higher tax contributions and reduced demand on social services, projecting an additional $53 million in tax revenue and $4.5 million in public savings.
During fiscal 2022, the college welcomed 7,612 credit students and 3,860 non-credit students, who collectively invested $38.1 million in their education. This investment is expected to yield an additional $229 million in higher future earnings, highlighting the transformative power of a community college education.
Laurel Ridge President Kim Blosser emphasized the college’s dedication to serving the community: “Our employees choose to work at Laurel Ridge because of its meaningful impact on students and the region. We are immensely grateful for the support from our community, business partners, local governments, the commonwealth, and our donors.”
The economic and educational contributions of Laurel Ridge Community College are recognized as vital to the region’s prosperity. Frederick County Economic Development Authority Executive Director Patrick Barker noted, “Laurel Ridge’s impact extends beyond workforce development to become a significant economic driver in the region.”
Virginia’s Community Colleges Chancellor David Doré highlighted the positive return on investment for taxpayers, affirming the sustained and future benefits of supporting the community college system.
The Lightcast study not only underlines the economic benefits of Virginia’s community colleges but also their critical role in job creation and wealth generation. Laurel Ridge Community College continues to stand as a pivotal institution in its region, fostering economic growth and offering invaluable opportunities for its students.
