Wor-Wic adds $106.6 million to local economy, according to recent report

SALISBURY, Md. – A recently completed economic study has revealed that Wor-Wic Community College has added $106.6 million to the local economy.

The economic study was conducted for Maryland’s 16 community colleges and detailed the impact that Wor-Wic makes on the Lower Eastern Shore. Businesses, taxpayers, and local communities benefit from the existence of the college.

In return for the investment students make in their education, including foregone wages while attending school, they receive $3.90 in higher future earnings for every dollar they invest in their education. We’re told students’ average annual rate of return is 17.7%. For comparison, the stock market 30-year average annual return is 9.9% and the typical interest earned on a savings account is 0.06%.

Data analytics firm Emsi Burning Glass says the report shows that Maryland’s community college generate more revenue than they receive from the state and local governments, and create a wide range of social benefits while enriching civic life. One out of every 56 jobs on the Lower Eastern Shore is supported by Wor-Wic and its students.

Emsi Burning Glass estimated that the alumni impact on the region was $79 million, thanks to gradates’ increased earnings and productivity. Beyond the direct economic impact of $106.6 million in 2018-19, the report showed that Wor-Wic’s future benefits to the community total $207.6 million, including social savings related to health, crime and income assistance, in addition to added income.