St. Petersburg College added $1.2 billion in income to the Pinellas County economy, a value approximately equal to 2.2 percent of the county’s total gross regional product in fiscal year 2019-20, according to an independent economic impact study.
The study by labor market company Emsi, published earlier this year, also revealed that SPC alumni currently employed in Pinellas County contribute more than $950 million in added income. The average associate degree graduate from SPC will see an increase in earnings of $7,000 each year, compared to a person with a high school diploma or equivalent working in Florida.
SPC President Dr. Tonjua Williams said the results of the study reaffirm the college’s dedication to providing economic mobility to students and the community.
“This study validates the work that SPC puts in to bolstering the local and regional workforce through our programs,” Williams said. “We’re proud of our alumni and our outstanding faculty, who are key to ensuring that our students succeed in the classroom and in their careers.”
SPC continues to create a significant positive impact on the business community and generates a return on investment to its major stakeholder groups. Dr. Cynthia Johnson, Director of Pinellas County Economic Development, said higher education plays a critical role in maintaining and improving Pinellas County’s economic vitality, both in direct economic impact and in providing quality workforce support.
“St. Petersburg College’s activities and students support one of every 36 jobs in Pinellas – that’s almost 18,000 local jobs,” Johnson said. “We are privileged and proud to tell prospective businesses that Pinellas County has the workforce support to meet their employment needs, thanks in large part to the great work being done by St. Petersburg College.”
The college is committed to innovating for the future by meeting the needs of the workforce. Christopher Steinocher, President and CEO of the St. Petersburg Area Chamber of Commerce, said SPC’s impact is profound and believes the college is a real-time resource to the city.
“In every meaningful conversation about our city and county’s future success, SPC is ready to go,” Steinocher said. “It’s the culture they’ve built – they’ve created the 21st century higher learning institution and are relevant to every family and employer in our community.”
In the Tampa Bay region, SPC’s economic value includes:
- In FY 2019-20, SPC added $2.3 billion in income to the Tampa Bay Region economy – a value approximately equal to 1.3 percent of the region’s gross regional product.
- SPC’s impact supported more than 30,000 jobs in the region.
- For every $1 that supports SPC, the community gains $8.40 in added income and social savings.
Emsi is a labor market data company headquartered in Boston and Moscow, Idaho. It has served as a leader in higher education, business and community development since 2001.
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