New report shows MCTC’s impact on Kentucky's economy

Published on Feb 14, 2024

by Megan Smedley

Maysville Community & Technical College has a massive impact on the state and local economy, according to an economic impact report released by Lightcast, a global leader in labor market analytics.

Lightcast found that MCTC added $94.4 million in income to its service region economy during the 2022-23 fiscal year.

The service region is made up of Bath, Bourbon, Bracken, Carter, Elliott, Fleming, Harrison, Lewis, Mason, Menifee, Montgomery, Morgan, Nicholas, Powell, Robertson, Rowan, and Wolfe Counties in Kentucky, as well as Adams and Brown Counties in Ohio.

The report also reflected that the impact of MCTC and its students supported one out of every eighty jobs in the service region. 

Over the years, MCTC students earned a credential from the college and entered or re-entered the workforce with newly acquired knowledge and skills. Thousands of these former students are employed in the service region.

According to the report, the net impact of MCTC’s former students currently employed in the regional workforce amounted to $77.4 million in added income in FY 2022-23.

“MCTC plays a vital role in the economic prosperity of our region,” said Dr. Laura McCullough, President and CEO. “By providing accessible education and workforce development programs, we are equipping our students with the skills and knowledge needed to succeed in the local job market. We are committed to empowering our communities and contributing to the economic vitality of our service region.” 

Other key takeaways from Lightcast included:

• Taxpayers provided MCTC with $10.2 million of funding in FY 2022-23. In return, they will benefit from added tax revenue, stemming from students’ higher lifetime earnings and increased business output, amounting to $25.4 million.
• A reduced demand for government-funded services in Kentucky will add another $2.4 million in benefits to taxpayers.
• For every dollar of public money invested in MCTC, taxpayers will receive $2.70 in return, over the course of students’ working lives.
• MCTC students’ benefit-cost ratio to attend MCTC is 7.5. In other words, for every dollar students invest in MCTC in the form of out-of-pocket expenses and forgone time and money, they will receive a cumulative value of $7.50 in higher future earnings.
• In FY 2022-23, the state invested $33.1 million to support MCTC. In turn, the Kentucky economy will grow by $267.8 million, over the course of students’ working lives.
• The average associate degree graduate from MCTC will see an increase in earnings of $7,900 each year compared to a person with a high school diploma or equivalent working in Kentucky.

The results of this study demonstrate that MCTC creates value from multiple perspectives. The college benefits regional businesses by increasing consumer spending in the region and supplying a steady flow of qualified, trained workers to the workforce.

The report also indicated that MCTC enriches the lives of students by raising their lifetime earnings and helping them achieve their potential.

For a full description of the data and approach used in the study, please contact the college for a copy of the main report.