FORT LAUDERDALE, FL (March 2, 2020) – According to a 2020 independent study from Florida TaxWatch, a degree from Broward College significantly impacts a student’s quality of life, future wages, and supports Florida’s high-skill, high-wage economic development strategy. The study, which evaluates Broward College and its return on investment, was commissioned by the Broward College Foundation to independently assess the economic impact of the College and the value to students who complete its programs.
Dominic Calabro, president and chief executive officer of Florida TaxWatch, presented the findings at the annual meeting of the Broward College Foundation Board of Directors, February 27, at the A. Hugh Adams Central Campus.
“As they have for many years, Florida’s colleges continue to lead the way in providing quality higher education experiences that are affordable and practical for our state’s students,” said Dominic Calabro. “In our analysis of Broward College, Florida TaxWatch found that not only are the College’s graduates seeing lower student debt burdens and a nearly 10 percent return on the investment of their time and money, the College itself is producing a positive economic boost in South Florida with a total economic impact of more than $1.7 billion. As Florida continues to grow, Broward College is well positioned to benefit and expand, providing increased returns to its students, the South Florida region, and the State of Florida.”
The report also underscores the value of a college degree, whether an associate or bachelor’s degree, to the lifetime earnings of graduates. The assessment shows that the earnings of Broward College degree holders exceed those who enter the workforce with only a high school diploma (or less) by a substantial margin. Using average life expectancy, and the most recent year of graduates, the total income to workers and owners of businesses who hold a Broward College degree is estimated to improve by $1.2 billion per year.
“We continue to identify ways to provide the community with affordable educational programs, and we are pleased to learn that our efforts are impactful not only to our students but the community-at-large,” said Broward College President Gregory Adam Haile. “This report confirms that Broward College is well on its way to meeting the Governor’s 2019 Executive Order to make Florida number one in the U.S. for workforce education by 2030 and to ensure that Florida students are ready for high-demand, high-wage jobs.”
“We are proud to know that our initiatives for student success have created a positive impact not only throughout Broward County but Florida, as well,” said Gloria Fernandez, chair of the Broward College District Board of Trustees. ““Broward College is a South Florida destination that is well-positioned to deliver academic excellence and to connect our students with professional opportunities locally and beyond.”
In addition to highlighting the College’s economic impact, the report is intended to guide the strategic plan of the Broward College Foundation.
“This independent report confirms many of our beliefs, but in a manner that is quantifiable and relevant to this region,” said Nancy O’Donnell Wilson, executive director and vice president of Advancement at Broward College. “This fresh perspective allows donors and investors to see the value of their investment, but more importantly, the long term results and benefits for students, potential students, and the community.”
Other Key Findings:
- Florida taxpayers receive excellent value for the tax dollars expended in support of Broward College. For the $92.2 million in state non-capital appropriations reported in the March 2019 Florida Auditor General Report, almost $7 in new personal income stay in Florida for every operating dollar appropriated by the State.
- The economic growth of jobs in Broward College occupations may permit Broward College graduates to work productively and meet their career expectations without having to leave the State. This would represent great progress towards Florida’s high-wage economic development goals.
- Broward College graduates see their investment in education costs and time result in an average ROI of 9.7%. That is, for every $1 that a Broward College graduate spends on their education, they can expect to earn $6.62 in additional personal income over a working career.
- With estimated annual tuition and fees of $2,830 (in-state) for the 2018-19 school year, Broward College had the second-lowest tuition in fees.
- Wages were higher for Broward College certificate or associate degree completers than those from comparable institutions.
- The average annual differential between the earnings of a Broward College graduate and a worker in Florida with only a high school degree is at least $8,288 per year.
- Currently, 57 percent of the undergraduate students attending a college or university within Broward County are enrolled at Broward College.