Illinois community colleges like Parkland College serve as critical partners to business and industry
A new statewide economic impact study finds that a community college education provides a strong return on investment for not only students but for taxpayers and the state economy. The study found that Parkland College added $250.4 million to the regional economy during the FY24 academic year, a value approximately equal to 1.5% of the region’s total gross regional product (GRP).
Parkland College’s programs and student success account for one out of every 49 jobs across the district, resulting in a total of 3,491 jobs annually.
"For the last 60 years, Parkland College has been a catalyst for student opportunity and economic progress throughout District 505," Parkland President Pam Lau said. "By investing in our students and aligning our programs with workforce needs across the region, we are able to transform individual lives and strengthen the economic future of our entire community."
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Workforce Development at Parkland College helps students identify and develop solutions aligned with their career goals, reducing barriers through supporting foundational skill-building, career training, and connections to employment. Parkland offers resources designed to strengthen talent pipelines and support the evolving needs of regional industries, including customized training, upskilling for current employees, and pathways to attract new workers.
Since 2020, Parkland College has served more than 4,000 learners and over 100 employers in agriculture, construction and utilities, distribution and logistics, healthcare, manufacturing, transportation, and more.
Recently, Parkland's Workforce Development saw a 225% growth in employer partnerships over two years; a 94% retention rate for apprenticeships nationally; 72% of Support for Workforce Training supported completers entered the workforce within three months; over $5 million was invested in workforce training, reducing employer training costs; over 55 employer partners in healthcare alone; and expanded access to untapped talent pools.
Data from the study underscores contributions from Illinois community colleges through operations, construction, student spending, and — most significantly — the long-term success of their graduates. Alumni impact alone accounts for $25 billion in added income to the state economy.
For every $1, Parkland students gain $3 in higher lifetime earnings; taxpayers gain $1.20 in added tax revenue and public sector savings; and society gains $4.60 in added income and social savings.
"Illinois community colleges are one of the smartest investments we can make in our state’s future," said ICCB Executive Director Brian Durham. "This study makes it clear — our colleges are not only transforming lives through education, but they are also strengthening Illinois’ economy, supporting hundreds of thousands of jobs, and delivering real returns for taxpayers and communities across the state."
Key statewide economic impact findings
Key statewide impact findings from the study include:
- $27.2 billion total economic impact in Illinois
- 324,273 jobs supported — equal to 1 out of every 26 jobs statewide
- $1.8 billion generated through college operations
- $385.5 million added through student spending
- $25 billion in economic impact from alumni contributions
- 538,541 students served during FY 2023–24
Returns on investment and workforce impact
The study also highlights strong returns on investment:
- Students: $4.30 in lifetime earnings for every $1 invested
- Taxpayers: $1.30 return for every $1 invested
- Society: $6.70 return for every $1 invested
The study also reinforces the role community colleges play in advancing workforce readiness, increasing earning potential, and improving quality of life. The average associate degree graduate earns $8,400 more annually than a high school graduate.
Illinois community colleges like Parkland College serve as critical partners to business and industry, providing a steady pipeline of skilled workers while supporting regional economies through job creation and increased productivity.
Since 1967, Parkland College has served 360,000+ students in Illinois Community College District 505. With over 130 degree and certificate programs, Parkland continues to engage the community in learning.
