It is also an advantage that is marketed by organizations such as the Economic Development Commission in selling the Space Coast to companies looking for a well-educated workforce. Having a local workforce that is encouraged to pursue educational opportunities greatly enhances the community’s preparation for economic development. The 100 percent online degree programs we provide include seven associate’s degrees, 14 bachelor’s degrees, and 11 master’s degrees. We have continued the tradition of supporting working professionals with our addition of Florida Tech’s online learning community,, which now has over 5,000 undergraduate and graduate students enrolled. Providing both technical and advanced degrees for the local workforce was one of the primary reasons RCA executive Jerry Keuper started Florida Tech over 50 years ago. A highly educated workforce contributes much to the general economic stability of the region, by both attracting and then keeping the best companies here in our community. Master’s degrees contribute an additional $12,000 annually to the individual’s earning power. Those with a university bachelor’s degree will, on the average, earn almost $400 per week more than those with just a high school diploma. Bureau of Labor Statistics data shows quite dramatically the impact a well-educated community has on earning power. Similarly, our Women’s Business Center has offered training and mentoring for any person trying to build or expand his or her small business enterprise.
This training provides individuals with the skills necessary to succeed in starting and developing new business ventures. One such example is our business faculty’s work to provide entrepreneurship training over the past two years to about 150 displaced (or potentially displaced) aerospace workers. I have found that working within a private university, we are able to move very quickly to adapt to the needs of the local community.
Even I will admit that I didn’t walk through our Botanical Gardens until my third year here – now it is definitely a must-see attraction for visiting guests. What about other advantages that may not be quite as obvious? Certainly various amenities of the university, such as the library, athletic teams, facilities, cultural events, museums, and even the grounds, enhance the quality of life in the community. If an economic impact study were done using typical expenditure multipliers, the dollar impact from the university on the region would be significant on an annual basis. Bringing people to the university for meetings, campus visits, and research projects also has an impact on expenditures for airfare, rental cars, hotels and restaurants. We could also estimate the spending impact of having 4,500 students on campus buying food, clothes, event tickets, rent/utilities and additional items. The next might be construction projects ($75M in the last few years). What are the advantages of having an institute of higher learning in our backyard? There are obvious, straight-forward impacts that can quickly be listed – the university payroll and total expenditures (currently around $72M and $150M, respectively, on an annual basis) are the first direct factors to consider. What is the Difference a World Class University Makes?
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