Economic Impact Report
Economic Impact Report
North Central Michigan College creates a significant positive impact on the business communities in Charlevoix, Cheboygan, Emmet and Otsego counties, where we generate a return on investment to our major stakeholder groups — students, taxpayers and society.

In fiscal year 2023-24, NCMC served 2,078 credit and 1,039 non-credit students, and generated $78.9 million in added income equal to approximately 1.2% of the total gross regional product (GRP) of the region.
Study Conducted by Lightcast
Lightcast is a leading labor market analytics firm formed by the merger of Emsi and Burning Glass. It provides real-time insights into job trends, skills, and regional economies using data from job postings, worker profiles, and public sources. Lightcast’s Economic Impact Study measures how colleges contribute to their local economies through operations, student spending, and alumni impact.
Learn more about LightcastReport Results
This study, conducted by Lightcast, uses a two-pronged approach that involves an economic impact analysis and an investment analysis and calculates the benefits received by each of these groups.
Economic Impact Analysis
Impacts on the Four-County Region economy are reported in the economic impact analysis and are measured in terms of added income.
IMPACT | ADDED INCOME | JOBS SUPPORTED |
Operations Spending Impact | $15.1 million | 226 |
Construction Spending Impact | $1 million | 15 |
Student Spending Impact | $1.5 million | 25 |
Alumni Impact | $61.4 million | 765 |
TOTAL IMPACT | $78.9 million | 1,030 |
NCMC adds economic value to the Four-County Region as an employer of regional residents and a large scale buyer of goods and services. In FY 2023-24, the college employed 210 full-time and part-time faculty and staff. Payroll amounted to $13.8 million, much of which was spent in the region for groceries, mortgage and rent payments, dining out, and other household expenses. The college spent another $7.0 million on its expenses related to facilities, supplies, and professional services (excluding construction). The net impact of the college’s operations spending added $15.1 million in income to the regional economy in FY 2023-24.
Investment Analysis
The returns on investment to students, taxpayers, and society in Michigan are reported under the investment analysis.
PERSPECTIVE |
BENEFIT/COST RATIO |
RATE OF RETURN |
Student | 4.5 | 15.6% |
Taxpayer | 1.5 | 2.9% |
Social | 7.2 | N/A |
- 15.6% - Average annual return for NCMC students
- 10.1% - Stock market 30 year average annual return
- 0.5% - Interest earned on savings account (national deposit rate)
For every dollar of public money invested in NCMC in FY 2023-24, taxpayers will receive a cumulative value of $1.50 over the course of the students’ working lives.
- NCMC generates more in tax revenue than it takes.
- Benefits to taxpayers also consists of savings to the public sector that add another
estimated $1.8
million in benefits due to a reduced demand for government-funded social services in Michigan. - Total taxpayer benefits amount to $19.1 million, the present value sum of the added tax revenue and public sector savings.
For every dollar invested in NCMC, people in Michigan will receive a cumulative value of $7.20 in benefits.
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The Michigan economy will grow by $213.6 million, over the course of students’ working lives.
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Society will also benefit from $5.7 million of public and private sector savings.