New Jersey Community Colleges Generate $12.8 Billion for State Economy, Support 135,492 Jobs

New Jersey's 18 community colleges pumped $12.8 billion into the state's coffers during fiscal year 2023-24. That's what a fresh independent study shows. These schools kept 135,492 people working — one out of every 46 jobs statewide.

The New Jersey Council of County Colleges paid for the report. Lightcast ran the numbers. They dug through academic records and financial statements while cross-checking industry stats from the U.S. Bureau of Labor Statistics and census data.

Money earned by graduates made up $11.7 billion of that total. Workers with associate degrees pull in $10,100 more each year than those who stopped after high school.

That $12.8 billion chunk is nearly 1.6% of what the entire state produces.

"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 of the NJCCC, according to NJBiz. "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."

Students got back $4.30 for every dollar they spent — a 4.3-to-1 return. Over a lifetime, that means a 14.9% yearly gain. Full-timers saved roughly $16,000 each year when compared with four-year public schools in New Jersey.

Taxpayers won, too. They saw a 2.6-to-1 return through $1.7 billion in new tax money and cuts to public spending. Society as a whole earned an 8-to-1 windfall totaling $15.7 billion when you count long-term economic gains and social improvements.

Day-to-day operations — payroll, keeping buildings running — injected $833.3 million. New construction projects brought in $35.1 million. Students themselves spent $206.9 million.

"Our community colleges open doors of economic opportunity for New Jerseyans across the state, including many who are low-income, first generation, and from backgrounds traditionally underrepresented in higher education," said Jessica Stewart Purnell, chair of the council and trustee at Camden County College.

Maria Heidkamp, chief innovation and policy officer for the group, said leaders plan to collaborate with the new Sherrill Administration and state lawmakers. The goal? Making these schools more accessible and affordable for everyone.