RBC Contributes $46 Million to the Virginia Economy
Richard Bland College Contributes $46 Million to the Virginia Economy
A new report by the Virginia Business Higher Education Council (VBHEC) calculates Richard Bland College of William & Mary’s (RBC) contributions to the state economy at $43 million in GDP and an additional $3 million in state tax revenue contributions. According to the report, RBC has an outsized economic impact both for the Petersburg / Southside region and for the Commonwealth.
College expenditures in FY 2021 had an employment effect of 306 and generated $22 million in state GDP and $2 million in state revenues. Human capital improvements are estimated to contribute a present value of $21 million in GDP and approximately $2 million in state tax revenue. The total economic contribution resulting from RBC operations during FY 2021 is $43 million in GDP, and the total state tax revenue contribution is $3 million.
“This number reflects the college’s thriving student population,” said Debbie L. Sydow, Ph.D., president of RBC. “During the time period studied, 192 students graduated with associate’s degrees, and many others completed RBC course before transferring to their program of choice at a four-year college. More than 70% of RBC students continue their education at four-year institutions or enter the workforce, positively impacting Virginia’s economy.”
The analysis divides RBC’s impacts into expenditure and human capital components. Through the employment of 185 faculty and staff members, the procurement of goods and services and capital purchases, RBC’s institution-related expenditures totaled more than $17.7 million for the 2021 fiscal year (FY).
RBC’s spending in FY 2021 created an economic footprint of $22 million in state gross domestic product (GDP), which is defined as the market value of goods and services produced by Virginia’s labor and property; it supported 306 jobs and led to an additional $2 million in state revenue.
“Higher education is the pulse of Virginia’s economy,” said Dr. Sydow. “RBC is committed to developing job-relevant programs and partnerships, and streamlining student degree completion and workforce entry. As the state’s only public junior college that boasts small class sizes and academic support programs, RBC fills a niche for students seeking an affordable path to four-year institutions and high-paying career programs.”
RBC’s economic contributions are included in the Economic Impact Study of Virginia Public Higher Education, released in July 2023. The VBHEC is using the data analysis for its Growth4VA campaign, which promotes reform and reinvestment in Virginia’s higher education system.
