LBW Generates $60.8 million for regional economy

According to an independent report by Lightcast, a global leader in labor market analytics, students and alumni of LBW Community College contributed $60.8 million to the College’s service area economy, an amount equal to one out of every 64 jobs.

“LBW creates a significant positive impact on the business community and generates a return on investment to its major stakeholder groups,” the report states. “The college plays a key role in helping students increase their employability and achieve their individual potential.”

The report states in FY 2023-24, the College employed 216 full-time and part-time faculty and staff, 92% of whom lived in the service area. Additionally, LBW invests in capital projects to maintain facilities and meet growing educational demands, making a substantial impact on the regional economy.

Thousands of former LBW students are employed in the service area. In FY 2023-24 alone, LBW alumni generated $40.3 million in added income, supporting the equivalent of 716 jobs.

Individually, students can expect a more than reasonable return on investment on their 2-year education. For every dollar a student invests in their education at LBW, they can expect to gain $6.60 in lifetime earnings. State taxpayers will see $21 million in added tax revenue and public sector savings for every dollar invested into the system. Society will also benefit $6.90 in added incomes and social savings for every dollar.

“LBW’s economic impact is a testament to the value of a community college education, not only for our students but also for the businesses and industries that rely on a skilled workforce,” said LBW President Dr. Brock Kelley. “LBW is proud to play a vital role in strengthening our regional economy by equipping students with the education and training they need to succeed in high-demand careers. As our graduates thrive, so do our local businesses and communities we serve.”

Additional report highlights:
• The average LBW associate degree graduate will see an increase in earnings of $7,300 each year compared to someone with a high school diploma working in Alabama.
• 13% of students attending LBW originated from outside the region, with many relocating to the service area, generating $3.1 million in added income for the regional economy.
• The net impact of the college’s operations spending added $15.7 million in income to the regional economy in FY 2023-24.
• LBW’s impact supports 1,063 jobs in the service area.

"Our students and graduates are working, earning, and reinvesting in Alabama’s communities," said ACCS Chancellor Jimmy H. Baker. "Businesses across the state rely on them to keep operations strong. No other entity has a greater reach in education and workforce training, and we are committed to ensuring every student leaves our colleges prepared to contribute to their communities, their industries, and Alabama’s economic growth.”

Lightcast analyzed data using FY 2023-24 academic and financial reports from ACCS and LBW, as well as industry and employment data from the U.S. Bureau of Labor Statistics and U.S. Census Bureau.