Wallace State contributes $276 million to area economy

Hanceville, Ala. — A new economic impact study released today shows Wallace State Community College contributed $276.1 million in income to the WSCC service area economy, representing approximately 2.1 percent of the region’s total gross regional product (GRP). This economic activity supported 4,106 jobs, meaning that one out of every 35 jobs in its service area is supported by the college and its students.

“Wallace State Community College is proud to be a cornerstone of economic growth and educational excellence in our region,” said Dr. Vicki Karolewics, President of Wallace State Community College. “The results of this study highlight the profound impact our institution has on the community, our students, and the state of Alabama. We remain committed to providing high-quality education and fostering economic development for years to come.”

Breaking down the numbers, the study shows how Wallace State impacts in various areas, from operations, construction spending, student spending, alumni impact and return on invest for students and the community.

Operations Spending Impact

WSCC employed 636 full-time and part-time faculty and staff, with a payroll totaling $31.4 million. Much of this income was spent locally on groceries, mortgage and rent payments, dining out, and other household expenses. Additionally, the college spent $26.8 million on facilities, supplies, and professional services. The net impact of WSCC’s operations spending added $39.4 million in income to the regional economy in FY 2023-24.

Construction Spending Impact

WSCC’s investment in capital projects each year helps maintain its facilities, create additional capacities, and meet growing educational demands. In FY 2023-24, the net impact of WSCC’s construction spending was $3.4 million in added income for the WSCC Service Area. Efforts are currently under way to begin construction on three new buildings on the main campus, including an almost $50 million STEM Gateway building and new facilities for Advanced Automotive and Machine Tool Technology programs.

Student Spending Impact

Approximately 37 percent of credit students at WSCC originated from outside the region, with many relocating to the WSCC Service Area. Additionally, some in-region students, referred to as retained students, would have left the area for other educational opportunities if not for WSCC. The expenditures of these relocated and retained students added $9.0 million in income to the WSCC Service Area economy in FY 2023-24.

Alumni Impact

Thousands of former WSCC students are currently employed in the WSCC Service Area, contributing significantly to the local economy. The net impact of WSCC’s alumni in the regional workforce amounted to $224.3 million in added income in FY 2023-24.

Student Perspective

WSCC’s students paid a present value of $16.3 million for tuition, fees, supplies, and interest on student loans in FY 2023-24. They also forwent $25.2 million in potential earnings by attending college instead of working. In return, students will receive a cumulative present value of $218.3 million in increased earnings over their working lives, translating to a return of $5.30 in higher future earnings for every dollar invested in their education. The average annual rate of return for students is 23.4 percent.

Taxpayer Perspective

Taxpayers provided WSCC with $36.2 million in funding for FY 2023-24. In return, they will benefit from $65.6 million in added tax revenue from students’ higher lifetime earnings and increased business output, along with $5.5 million in reduced demand for government-funded services in Alabama. Total taxpayer benefits amount to $71.2 million, yielding a return of $2.00 for every dollar of public money invested in WSCC. The average annual rate of return for taxpayers is 5.1 percent.

Social Perspective

In FY 2023-24, Alabama invested $100.6 million to support WSCC. This investment is expected to grow the Alabama economy by $786.6 million over the course of students’ working lives. Additionally, society will benefit from $22.9 million in public and private sector savings. For every dollar invested in WSCC, people in Alabama will receive $8.00 in return.

Wallace State’s service area includes the counties of Blount, Cullman, Morgan and Winston Counties.

The economic impact study was initiated by the Alabama Community College System and conducted by Lightcast using information from the 2023-2024 fiscal year. The Alabama Community College system has a $8.1 billion impact on the state, supporting the equivalent of more than 114,000 jobs.

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About Wallace State

Wallace State Community College (Ala.), a member of the Alabama Community College System, is a comprehensive community college in north central Alabama offering more than 200 options in academic, health and technical programs of study leading to an associate degree, certificate or transfer, as well as workforce-credit training and adult education. An Achieving the Dream Leader College, nationally recognized by the Aspen Institute as a finalist for the 2025 Aspen Prize for Community College Excellence, ranked by Southern Business and Development among the Top 3 institutions in the South for workforce development, named a Center of Excellence by the National League for Nursing and the National Security Administration, rated the Top Online Community College in Alabama, a Military Friendly Institution and an All-Steinway School, Wallace State is an outstanding place for students to pursue their education and career goals. Classes are offered online and on campus, day, evening and on weekends, with numerous start dates each year. Visit Wallace State’s beautiful main campus located on 300-acres in Hanceville, Ala., our satellite location in downtown Oneonta, Ala., find us online at www.wallacestate.edu, or call 256.352.8000.