KNOXVILLE - Over the past five years, Pellissippi State Community College has pumped an average of $253 million per year into the local economy, according to a recently released study.

From 2013-2018, that amounts to about $1.3 billion in economic impact - the value of business volume, jobs and individual income in Knox and Blount counties that's tied to Pellissippi State.

"I'm proud of Pellissippi State's economic impact in our community, but we at the college place our emphasis on changing the lives of everyone who comes through our doors," said Pellissippi State President L. Anthony Wise Jr. "Our greatest impact comes from graduates who pursue their dreams and, in turn, give back to our community, too."

Every single dollar of local revenue that comes into Pellissippi State generates an estimated annual return on investment of at least $5.94, comprised of $2.90 in local business volume, plus at least $3.04 in individual income; image submitted

Of the college's $1.3 billion in total impact, the majority - $998 million - can be attributed to the infusion of new, non-local revenues such as state appropriations, grants, contracts and federal student financial aid revenues.

"This impact would likely not have occurred without the presence of Pellissippi State in the area," said educational consultant Fred H. Martin, who conducted the study.

Every single dollar of local revenue that comes into Pellissippi State generates an estimated annual return on investment of at least $5.94, comprised of $2.90 in local business volume, plus at least $3.04 in individual income.

The report also studied what a degree from Pellissippi State might mean for a student. According to the American Association of Community Colleges, graduates with an associate degree can expect to earn about $470,800 more over their work lifetime than if they only had a high school diploma.

For Pellissippi State's 1,458 graduates in academic year 2017-2018, this means an additional $686 million in lifetime earnings and $2.8 million in additional annual tax payments, which benefit the economy.

Meanwhile, Pellissippi State's business volume impact in the community amounted to about $619 million from 2013-2018. Of that total, $481 million came from non-local revenues.

Over that five-year period, Pellissippi State's expenditures created and sustained an estimated 42,675 jobs as well. More than 32,700 of those were created by external or new funds. The college itself employed 2,858 full-time employees from 2013-2018.

The total impact of Pellissippi State's expenditures on personal income in the area amounts to about $648 million over the past five years, including $517 million from new or external funds.

Read the 31st annual analysis of Pellissippi State's economic impact in Knox and Blount counties here. For more information about Pellissippi State, visit www.pstcc.edu or call 865-694-6400.