Florida TaxWatch Report Highlights Indian River State College's Significant Economic Impact

FORT PIERCE, FL (August 22, 2024) -- A new report from Florida TaxWatch, an independent, nonpartisan research institute, reveals that Indian River State College generates substantial economic benefits for its service area (Martin, St. Lucie, Indian River, and Okeechobee Counties) and the state of Florida. The report, titled "An Independent Assessment of the Economic Impacts of Indian River State College," underscores the College's role as a key driver of workforce development and economic growth in the Treasure Coast region and beyond.

Key findings from the report include the following:

• Substantial Economic Output: Indian River State College's operations generate approximately $1 billion in total economic output annually. This figure includes the direct impact of college operations, as well as indirect and induced effects on the local and state economy.
• Job Creation: The college and its partnerships create more than 6,000 jobs annually through its operations. Additionally, alumni spending contributes to the creation of over 9,000 jobs each year.
• High Return on Investment: For every $1 spent by Indian River State College, an additional $6.69 is generated for the Florida economy. This impressive multiplier effect demonstrates the college's efficiency in leveraging resources for economic benefit.
• Expansion Projects: Indian River State College's recent expansion initiatives, including new construction and partnerships, are projected to create 3,179 jobs and generate $638.8 million in total economic output.
• Low Student Debt: Indian River State College provides high-quality education at nearly 30% less than the national average cost for two-year programs. The College's innovative Promise Program, which covers tuition costs for students, has helped over 4,200 first-time college students since its inception.
• Strong Graduate Outcomes: 85% of Indian River State College's bachelor's degree graduates find full-time employment after graduating, with an average annual salary of $56,660 - competitive with or exceeding salaries from other regional institutions.
• Innovative Partnerships: The report highlights Indian River State College's unique approach to forming partnerships with private businesses, which not only generate revenue but also provide valuable training opportunities for students. Notable partnerships include those with Edward Via College of Osteopathic Medicine (VCOM), Blue Horizon Group, and the development of a new data campus in Okeechobee.

"Indian River State College's impact on our community and region extends far beyond higher education," said Indian River State College President Dr. Timothy E. Moore. "The Florida TaxWatch report highlights our commitment to providing high-quality, affordable education, while also serving as a catalyst for economic growth in our region. In doing so, we are not only transforming the lives of our students but also strengthening the economic fabric of our community. This report underscores the vital role that Indian River State College plays in shaping the future of the Treasure Coast and beyond."

Florida TaxWatch President and CEO, Dominic M. Calabro said,"Indian River State College is an incredible asset to the Treasure Coast community and the entire Sunshine State. Like other members of the Florida College System, Indian River State College serves as the foundation for the community's economic growth and prosperity by providing a wide range of high-quality educational opportunities for their students at an affordable cost, and its innovations and expanding economic impact is both impressive and a shining example of what Florida's great colleges can accomplish. At Florida TaxWatch, we understand that postsecondary learning is critical to workforce development, which is why we encourage these institutions - and Indian River State College in particular - to maintain their dynamic and fiscally viable operations, and also urge stakeholders to continue supporting and investing in their important work. Our state's economic success depends on it."

"The Florida TaxWatch report illuminates the far-reaching impact of Indian River State College on our region's economy and workforce," said Dr. Angela Browning, vice-president of research, governmental affairs, and institutional effectiveness. "Our innovative approach to higher education, coupled with strategic partnerships, is creating a ripple effect that extends well beyond our campuses. This report reaffirms our commitment to being not only an educational institution, but also a driving force for economic vitality and social mobility in the Treasure Coast region."

The report also emphasizes Indian River State College's role in addressing critical workforce needs, particularly in high-demand fields such as healthcare, information technology, and advanced manufacturing. Through programs like the Rebuild Florida Workforce Recovery Training initiative, Indian River State College is actively contributing to the development of a skilled workforce aligned with regional economic needs.

Florida TaxWatch's analysis utilized the IMPLAN economic modeling software to estimate the direct, indirect, and induced economic benefits of Indian River State College's academic programs and partnerships. The comprehensive approach considered factors such as college operations, student spending, alumni earnings, and the impact of specific partnership initiatives.

The full report, "An Independent Assessment of the Economic Impacts of Indian River State College," is available on the Florida TaxWatch website. It provides detailed breakdowns of economic impacts, methodologies used, and additional insights into Indian River State College's contributions to the Florida economy.

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About Indian River State College:

Indian River State College is a public state college based in Fort Pierce, Florida, serving Florida's Treasure Coast. Indian River State College is a comprehensive college offering bachelor's degrees, associate degrees, technical certificates, applied technology diplomas, and workforce training programs.

About Florida TaxWatch:

As an independent, nonpartisan, nonprofit government watchdog and taxpayer research institute, and the trusted "eyes and ears" of Florida taxpayers for more than 45 years, Florida TaxWatch (FTW) works to improve the productivity and accountability of Florida government. Its research recommends productivity enhancements and explains the statewide impact of fiscal and economic policies and practices on taxpayers and businesses. FTW is supported by its membership via voluntary, tax-deductible donations and private grants. Donations provide a solid, lasting foundation that has enabled FTW to bring about a more effective, responsive government that is more accountable to, and productive for, the taxpayers it serves since 1979. For more information, please visit www.floridataxwatch.org.

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