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The Impact of Publicly Supported Higher Education on the Charleston, South Carolina Region

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The Impact of Publicly Supported Higher Education on the Charleston, South Carolina Region The Impact of Publicly Supported Higher Education on the Charleston, South Carolina Region Produced for the community by Charleston Regional Development Alliance 2013 Table of Contents Executive Summary .................................................................................................................... 1 Introduction ................................................................................................................................ 5 Economic & Tax Revenue Impact of the Four Public Higher Education Institutions .................. 8 Data Sources ........................................................................................................................... 8 Model Inputs .......................................................................................................................... 9 Economic Impact of Methodology ....................................................................................... 12 The Citadel: The Military College of South Carolina ............................................................ 13 College of Charleston............................................................................................................ 16 Medical University of South Carolina ................................................................................... 19 Trident Technical College ..................................................................................................... 22 Aggregate Economic Impact of Charleston’s Public Higher Education Institutions ............. 25 State of South Carolina Tax Revenue Impact ....................................................................... 27 Social & Community Impact of Public Higher Education .......................................................... 30 Higher Education’s Impact on Regional Competitiveness .................................................... 32 Public Sector Savings Attributable to Education .................................................................. 35 Spillover Effect on Other Residents ...................................................................................... 37 Charleston’s Public Higher Education Sector Leads to Private Sector Jobs for the Region.. 40 Benchmarking Against Higher Education Regions .................................................................... 45 Performance Indicators & Implications for the Charleston Region ..................................... 46 Indicator #1 – Educational Attainment ................................................................................ 47 Indicator #2 – Median Income by Education Attainment .................................................... 48 Indicator #3 – Students Enrolled in Higher Education.......................................................... 49 Indicator #4 – STEM Degrees Awarded Per Year .................................................................. 50 Indicator #5 – Percent of Total Workforce in Higher Education .......................................... 51 Strategic Implications for the Region’s Higher Education Sector ............................................. 52 Potential Challenges Requiring Further Consideration ........................................................ 52 Opportunities to Build Upon ................................................................................................ 55 Conclusion ................................................................................................................................ 59 Legal Disclaimer ........................................................................................................................ 60 Economic Impact of Charleston Southern University .............................................................. 61 References ................................................................................................................................ 64 Appendix 1 – Peer Region Higher Education Institutions ......................................................... 66 Appendix 2 – Estimated State Appropriations Per Capita by State .......................................... 74 Appendix 3 – Location of Publicly Supported Institutions in the Charleston Region ............... 76 Impact of Publicly Supported Higher Education on the Charleston, SC Region| 2013 List of Figures Figure 1: Annual Enrollment by Public Higher Education Institution ......................................... 2 Figure 2: Degrees Awarded by Public Higher Education Institution .......................................... 2 Figure 3: The Flow of Economic Impacts ................................................................................. 12 Figure 4: Annual Enrollment at The Citadel ............................................................................. 14 Figure 5: Annual Degrees Awarded/Certificates at The Citadel .............................................. 14 Figure 6: Annual Enrollment at the College of Charleston ...................................................... 17 Figure 7: Annual Degrees/Certificates Awarded at the College of Charleston ....................... 17 Figure 8: Annual Enrollment at MUSC ..................................................................................... 20 Figure 9: Annual Degrees/Certificates Awarded at MUSC ...................................................... 20 Figure 10: Annual Enrollment at Trident Technical College .................................................... 23 Figure 11: Annual Degrees/Certificates Awarded at Trident Technical College ..................... 23 Figure 12: State Appropriations by Institution ........................................................................ 28 Figure 13: Fall 2011 Distribution of Enrollments by Student Origin* ...................................... 34 Figure 14: South Carolina Health Insurance by Educational Attainment ................................ 36 Figure 15: Total Percent of Adult Population with Post-Secondary Education (2010) ........... 47 Figure 16: Median Earnings for Residents with a Bachelor's Degree (2010) .......................... 48 Figure 17: STEM Degrees Awarded as a Percent of Total Regional Degrees (2010-11) .......... 50 Figure 18: Annual Enrollment at Charleston Southern University .......................................... 62 Figure 19: Annual Degrees/Certificates Awarded at Charleston Southern University ........... 62 Figure 20: Publicly Supported Institutions in the Charleston Region ....................................... 76 Figure 21: Other Publicly Supported Higher Education Facilities in the Charleston Region .... 77 List of Tables Table 1: Estimated Impact of Charleston Public Higher Education Institutions for FY 10-11 ... 3 Table 2: Aggregate Public Higher Education Normal Operational Expenditures .................... 10 Table 3: Aggregate Public Higher Education Construction Spending ...................................... 10 Table 4: Estimated Student Spending...................................................................................... 11 Table 5: The Citadel Economic Impact Model Inputs .............................................................. 13 Table 6: The Citadel Estimated Economic Impact FY 2010-11 ................................................ 15 Table 7: The Citadel Detailed Economic Impact by NAICS Sector ........................................... 15 Table 8: College of Charleston Economic Impact Model Inputs .............................................. 16 Table 9: College of Charleston Estimated Economic Impact FY 2010-11 ................................ 18 Table 10: College of Charleston Detailed Economic Impact by NAICS Sector ......................... 18 Table 11: MUSC Economic Impact Model Inputs .................................................................... 19 Table 12: Medical University of South Carolina Estimated Economic Impact FY 2010-11 ..... 21 Table 13: Medical University of South Carolina Detailed Economic Impact by NAICS Sector 21 Impact of Publicly Supported Higher Education on the Charleston, SC Region| 2013 Table 14: Trident Technical College Economic Impact Model Inputs ..................................... 22 Table 15: Trident Technical College Estimated Economic Impact FY 2010-11 ........................ 24 Table 16: Trident Technical College Detailed Economic Impact by NAICS Sector ................... 24 Table 17: Estimated Charleston Region Total Higher Education Economic Impact FY 10-11 . 25 Table 18: Charleston Region Higher Education Detailed Impact by NAICS Sector .................. 26 Table 19: State Appropriations as Percent of Total Revenues* .............................................. 27 Table 20: Tax Revenue as a Percent of State GDP ................................................................... 29 Table 21: Federal Contracts and Grants .................................................................................. 29 Table 22: Educational Attainment for Adult Population (2010) .............................................. 32 Table 23: Unemployment Rate by Educational Attainment for Adult Population .................. 32 Table 24: Labor Force Participation by Educational Attainment for Adult Population ........... 33 Table 25: Awards by Level and Provider, 2010-11 Academic Year ......................................... 33 Table 26: Poverty Rate by Educational Attainment for Adult Population ............................... 35 Table 27: Charleston Region Health Insurance by Educational Attainment ........................... 36 Table
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