Economic Development News
STC provides a myriad of economic benefits
Published: Monday, December 15, 2014 12:00 pm
By: Mark Mehmert
In the fall of 1961, the Linn Technical Junior College offered its first program in electronics. That same institution is now called the State Technical College of Missouri (STC), and offers more than 35 technical programs at the associate of applied science degree and certificate level.
From those humble beginnings with just a few faculty, STC now employs over 150 persons in the Jefferson City MSA. The STC faculty and staff work together to fulfill their mission of “preparing students for profitable employment and a life of learning.”
With a Fall 2014 enrollment of 1,259 students, STC offers students a huge boost in earning potential. Over a lifetime, a student graduating from STC with an Associate Degree will earn $442,000 more than the average high school diploma or a GED.
STC students’ investment in their education can pay off handsomely. In a recent study conducted by economic consulting firm Growth Services, the company estimated STC students earn an 18.3% rate of return on their investment. In just over four years, students recover all the costs of the education—including those wages foregone while attending STC.
The combination of current students, former students now in the workforce and the overall operation of STC bring a significant amount of economic benefit to our area. It’s estimated that $76.7 million of earnings is annually added to the Jefferson City MSA by the activities of STC.
The institution is also a bargain for Missouri taxpayers. Growth Services reports that for every dollar invested in STC brings a 9% annual rate of return
Finally, STC offers customized and contract training to Missouri business and industry. Many of these companies are local, and part of the reason they are in our area is due to the proximity of STC.
“For competitive reasons, the companies I work with are always looking for ways to help keep employees’ skills up to date”, noted Shaun Sappenfield, Existing Business Manager at the Jefferson City Area Chamber of Commerce. “Having STC in the area really gives our existing businesses a leg up.”
Missy Bonnot, Director of Economic Development for the Chamber, notes that it’s also an advantage when working Business Attraction projects. “Companies looking at our area as well as economic development site consultants tell us that having STC in the area is a huge plus. We’re grateful to have them in our area.”