SPC Contributes More Than $3 Billion in Economic Impact to Tampa Bay Area

graphic of $3.2 billion in blueSt. Petersburg College plays a vital role in the Tampa Bay region, not only through its educational offerings but also through its significant economic contributions. The College added $3.2 billion in income to the Tampa Bay region, a value approximately equal to 1.4% of the region’s total gross regional product in fiscal year 2022-23, according to an independent economic impact study.

SPC adds value by boosting the employability of its students, attracting out-of-region enrollees, and supplying skilled workers to local industries. The College also makes an impact in Pinellas County and the state of Florida.

The college plays a key role in helping students increase their employability and achieve their individual potential. The college draws students to the Tampa Bay region, Pinellas County and the state of Florida, while generating new dollars and opportunities.

The independent study was created by Lightcast, a leading provider of economic impact studies and labor market data to educational institutions, workforce planners, and regional developers in the U.S. and internationally. Overall, the study measures the economic impacts created by SPC on the business community and the benefits the college generates in return for the investments made by its key stakeholder groups—students, taxpayers, and society.

Economic Value of St. Petersburg College

Economic Impact Analysis

In FY 2022-23, SPC added $3.2 billion in income to the Tampa Bay* economy, a value approximately equal to 1.4% of the region’s total gross regional product (GRP). Expressed in terms of jobs, SPC’s impact supported 35,383 jobs. For perspective, the activities of SPC and its students support one out of every 62 jobs in Tampa Bay.

Operations Spending Impact

  • SPC employed 2,769 full-time and part-time faculty and staff. Payroll amounted to $116.5 million, much of which was spent in the region for groceries, mortgage and rent payments, dining out, and other household The college spent another $92.1 million on its expenses related to facilities, supplies, and professional services.
  • The net impact of the college’s operations spending added $190.9 million in income to the regional economy in FY 2022-23.

Student Spending Impact

  • Around 13% of students attending SPC originated from outside the Some of these students relocated to Tampa Bay. In addition, some in-region students, referred to as retained students, would have left Tampa Bay for other educational opportunities if not for SPC. These relocated and retained students spent money on groceries, mortgage and rent payments, and other living expenses at regional businesses.
  • The expenditures of relocated and retained students in FY 2022-23 added $46.9 million in income to the Tampa Bay economy.

Alumni Impact

  • Over the years, students have studied at SPC and entered or re-entered the workforce with newly acquired knowledge and Today, hundreds of thousands of these former students are employed in Tampa Bay.
  • The net impact of SPC’s former students currently employed in the regional workforce amounted to $2.9 billion in added income in FY 2022-23.

Investment Analysis

Student Perspective

  • SPC’s FY 2022-23 students paid a present value of $55.6 million to cover the cost of tuition, fees, supplies, and interest on student They also forwent a value of $118.3 million in time and money had they been working instead of attending college.
  • In return for their investment, students will receive a cumulative present value of $899.2 million in increased earnings over their working lives. This translates to a return of $5.20 in higher future earnings for every dollar students invest in their education. Students’ average annual rate of return is 19.2%.

Taxpayer Perspective

  • Taxpayers provided SPC with $164.2 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 $291.0 million. A reduced demand for government-funded services in Florida will add another $36.5 million in benefits to taxpayers.
  • Total taxpayer benefits amount to $327.5 million, the present value sum of the added tax revenue and public sector savings. For every dollar of public money invested in SPC, taxpayers will receive $2.00 in return over the course of students’ working lives. The average annual rate of return for taxpayers is 7%.

Social Perspective

  • In FY 2022-23, Florida invested $360.0 million to support In turn, the Florida economy will grow by $4.8 billion, over the course of students’ working lives. Society will also benefit from $100.4 million of public and private sector savings.
  • For every dollar invested in SPC in FY 2022-23, people in Florida will receive $13.70 in return, for as long as SPC’s FY 2022-23 students remain active in the state workforce.

Economic Impact Analysis

In FY 2022-23, SPC added $1.8 billion in income to the Pinellas County economy, a value approximately equal to 2.7% of the county’s total gross regional product (GRP). Expressed in terms of jobs, SPC’s impact supported 21,836 jobs. For perspective, the activities of SPC and its students support one out of every 31 jobs in Pinellas County.

Operations Spending Impact

  • SPC employed 2,769 full-time and part-time faculty and staff. Payroll amounted to $116.5 million, much of which was spent in the county for groceries, mortgage and rent payments, dining out, and other household The college spent another $92.1 million on its expenses related to facilities, supplies, and professional services.
  • The net impact of the college’s operations spending added $154.9 million in income to the county economy in FY 2022-23.

Student Spending Impact

  • About 30% of students attending SPC originated from outside the county. Some of these students relocated to Pinellas County. In addition, some in-county students, referred to as retained students, would have left Pinellas County for other educational opportunities if not for SPC. These relocated and retained students spent money on groceries, mortgage and rent payments, and other living expenses at county businesses.
  • The expenditures of relocated and retained students in FY 2022-23 added $37.7 million in income to the Pinellas County economy.

Alumni Impact

  • Over the years, students have studied at SPC and entered or re-entered the workforce with newly acquired knowledge and Today, hundreds of thousands of these former students are employed in Pinellas County.
  • The net impact of SPC’s former students currently employed in the county workforce amounted to $1.6 billion in added income in FY 2022-23.

Investment Analysis

Student Perspective

  • SPC’s FY 2022-23 students paid a present value of $55.6 million to cover the cost of tuition, fees, supplies, and interest on student They also forwent a value of $118.3 million in time and money had they been working instead of attending college.
  • In return for their investment, students will receive a cumulative present value of $899.2 million in increased earnings over their working lives. This translates to a return of $5.20 in higher future earnings for every dollar students invest in their education. Students’ average annual rate of return is 19.2%.

Taxpayer Perspective

  • Taxpayers provided SPC with $164.2 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 $291.0 million. A reduced demand for government-funded services in Florida will add another $36.5 million in benefits to taxpayers.
  • Total taxpayer benefits amount to $327.5 million, the present value sum of the added tax revenue and public sector savings. For every dollar of public money invested in SPC, taxpayers will receive $2.00 in return over the course of students’ working lives. The average annual rate of return for taxpayers is 7%.

Social Perspective

  • In FY 2022-23, Florida invested $360.0 million to support In turn, the Florida economy will grow by $4.8 billion, over the course of students’ working lives. Society will also benefit from $100.4 million of public and private sector savings.
  • For every dollar invested in SPC in FY 2022-23, people in Florida will receive $13.70 in return, for as long as SPC’s FY 2022-23 students remain active in the state workforce.

Economic Impact Analysis

In FY 2022-23, SPC added $4.5 billion in income to the Florida economy. Expressed in terms of jobs, SPC’s impact supported 51,849 jobs.

Operations Spending Impact

  • SPC employed 2,769 full-time and part-time faculty and staff. Payroll amounted to $116.5 million, much of which was spent in the state for groceries, mortgage and rent payments, dining out, and other household The college spent another $92.1 million on its expenses related to facilities, supplies, and professional services.
  • The net impact of the college’s operations spending added $132.8 million in income to the state economy in FY 2022-23.

Student Spending Impact

  • Around 4% of students attending SPC originated from outside the Some of these students relocated to Florida. In addition, some in-state students, referred to as retained students, would have left Florida for other educational opportunities if not for SPC. These relocated and retained students spent money on groceries, mortgage and rent payments, and other living expenses at state businesses.
  • The expenditures of relocated and retained students in FY 2022-23 added $57.8 million in income to the Florida economy.

Alumni Impact

  • Over the years, students have studied at SPC and entered or re-entered the work- force with newly acquired knowledge and Today, hundreds of thousands of these former students are employed in Florida.
  • The net impact of SPC’s former students currently employed in the state workforce amounted to $4.3 billion in added income in FY 2022-23.
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