New data related to the college’s role in regional economic development reveals CSN’s impact
LAS VEGAS, Jan. 23, 2017 – The College of Southern Nevada has a nearly $1 billion impact annually on the local business community, according to a new independently produced economic impact report.
CSN President Michael Richards presented the report and discussed the college’s outlook in a town hall meeting today.
“The College of Southern Nevada is as vital to the regional economy as it is to each student who attends,” Richards said. “Higher education impacts individual lives, and the cumulative effect touches nearly everyone in Southern Nevada.”
The economic report, produced by Economic Modeling Specialists International, discovered that CSN’s overall impact on the community amounted to $988 million in added income in fiscal year 2014-15, the year analyzed. The impact, nearly as large as the entire utilities industry, includes operations spending, student spending and the impact of alumni.
The report shows that for every dollar students invest in CSN in the form of out-of-pocket expenses and forgone time and money, they receive a cumulative of $2.10 in higher future earnings. This amounts to an average of $352,000 in extra earnings over a lifetime. Taxpayers also see a healthy return on their investment. For every dollar of public money invested in CSN, taxpayers receive a cumulative value of $3.10 over the course of the students’ working lives.
CSN, the state’s largest higher education institution, is the only college in Nevada to have three campuses in three separate, robust, dynamic urban cities and serve a large rural contingency as well. President Richards also provided information Monday on a plan to restructure the way CSN operates to better align with local workforce needs. Under the direction of the Nevada System of Higher Education’s Board of Regents, the plan – if funded – would restructure CSN from a multi-campus single unit college to a multi-campus district college.
“Most large community colleges our size evolve into a district so that each campus has more autonomy to better meet the needs of its local communities. What this will mean for CSN students is an enhanced level of service and a home-campus experience where they can get everything they need at one campus for their general education coursework,” Richards said.
In addition, the CSN President outlined student-driven plans for new student union buildings on each of its three campuses to be funded through student fees.