College of Central Florida boosts local economy, report shows

In just one year, the impact of increased earnings of College of Central Florida alumni and the regional businesses that employ them is equivalent to the economic boost of hosting the Super Bowl, according to a new report.

The College of Central Florida’s economic value to the tricounty area of Citrus, Levy and Marion counties in the 2023-2024 fiscal year is quantified in an independent report provided to the Association of Florida Colleges by Lightcast, a labor market analytics firm. CF’s total annual impact was $507.7 million in added income.

CF’s total economic impact represents approximately 2.5% of the total gross regional product of the tricounty area, with one of every 37 jobs supported by the college and its students. The most significant impact comes from CF graduates employed in the regional workforce and the human capital they provide in the form of added knowledge, creativity, imagination and entrepreneurship. The net impact of former CF students currently employed in the regional workforce amounted to $442.8 million in added income – comparable to hosting the Super Bowl.

“Thanks to the leadership of Gov. Ron DeSantis and Commissioner of Education Anastasios Kamoutsas, as well as support from the Florida Legislature, the College of Central Florida is able to invest in our local economy, “ said Dr. Jim Henningsen, CF president. “CF is proud to provide high-quality education that’s valuable not just for our graduates, who benefit from higher lifetime earnings, and for local employers, who get access to a steady stream of qualified workers, but for all taxpayers across the communities we serve. Our students invest in their futures and the college provides an incredible return on investment for our area.”

Every Floridian benefits from the Florida College System, the studies determined, reporting that for every dollar invested in the FCS in 2023-2024, Floridians received $13.30 in return.

A summary of “The Economic Value of the College of Central Florida,” is available at CF.edu/value.

The full report, “The Economic Value of the Florida College System,” is available online at myafc.org/impact.