Driving Regional Growth: Piedmont Tech had a $240 million economic impact in 2022-2023

Piedmont Technical College (PTC) had a total economic impact of $240.8 million in its seven-county service area during the 2022-23 fiscal year, according to a new report by Lightcast, a global leader in labor market analytics. This impact underscores PTC’s role as a key economic driver within the region.

“These figures quantify precisely how Piedmont Tech is fulfilling its mission to transform lives and strengthen communities,” said Dr. Hope E. Rivers, president of PTC. “We are not just providing education; we are investing in the people and the economic development of our region.”

The report also underscored the considerable benefits for students, highlighting a 26.6% annual rate of return on their educational investment at PTC. This exceptional rate demonstrates the significant value students gain from their education at PTC.

“This tremendous rate of return shows that our students are receiving a high-quality education that provides them with long-lasting value,” Rivers added.

Other key findings in the report include:
·    Thousands of former PTC students are employed in the regional workforce, and they accounted for $200.1 million in economic impact in 2022-23.
·    The net impact of the college’s operations spending added $35.2 million to the regional economy in 2022-23 – enough to buy 745 new cars.
·    Spending by students totaled $5.4 million, an amount that would cover the annual cost of groceries for 371 families.
·    South Carolinians invested $74.3 million to support PTC in 2022-23. In turn, society will see a $480.3 million benefit over the course of students’ working lives from growth in the state’s economic base, future earnings, and private and social savings.

Russell Martin, assistant vice president of Marketing and Public Relations, emphasized the scale of PTC’s influence:

“Think of our economic impact like hosting the World Series 31 times in one year,” said Martin said. “The kind of boost we provide to the local economy is similar to bringing in a major, once-in-a-lifetime event—except we do it every year. Whether it’s adding millions to local businesses, supporting thousands of jobs, or ensuring students receive an exceptional return on their educational investment, PTC is consistently delivering value to our community.”

For more details about the economic value report of PTC, please visit https://www.ptc.edu/about/economic-impact