Cincinnati State kicks off 50th year with celebration and a new report showing college’s major economic impact on region
Cincinnati State President Dr. Monica Posey unveiled a new report today showing that the college has an annual impact on the Greater Cincinnati economy of $657 million. That is the equivalent of more than 10,000 regional jobs supported by Cincinnati State, the fourth largest college in the region.
The new economic impact report helped to kick off Cincinnati State’s 50th Anniversary Year, which is being celebrated on September 19 with a picnic, historical artifacts display, and other activities.
“Fifty years is relatively young for a college, but we are extremely proud of all that has been accomplished by Cincinnati State during that time,” said Posey. “Every day, our alumni have a huge impact on making Greater Cincinnati prosperous, healthy, safe and livable.”
The 50th Anniversary Celebration and Economic Impact Report release took place Thursday, Sep. 19, 2019, from 11:30 a.m. to 1:30 p.m. in the Conference Center on Clifton Campus.
On this day 50 years ago, the college, then known as Cincinnati Technical Institute, received its Charter from the Ohio Board of Regents. The official start included 650 students and a handful of technical degree programs.
Today, Cincinnati State Technical and Community College includes four campuses, 130-plus degree and certificate programs, a highly regarded cooperative education program, transfer partnerships with more than 20 universities, and more than 10,000 students per year taking credit and noncredit courses, as well as custom workforce development training.
Cincinnati State’s new Economic Impact Report was completed by EMSI, an Idaho-based independent national provider of labor market data. According to the EMSI study, Cincinnati State’s economic impact comes from three basic sources:
- As an employer and purchaser of goods and services, Cincinnati State adds about $75 million in added income to the region, the equivalent of supporting 1,383 jobs.
- Spending by students who either move to this region or stay here to attend Cincinnati State amounts to more than $10 million.
- Cincinnati State’s alumni have a $572 million annual impact on the region. Eighty-five percent of the college’s graduates stay in this region, significantly higher than any other major local college. The knowledge and skills alumni acquire at Cincinnati State allows them to receive higher earnings and increase the productivity and profits of businesses that employ them.
The EMSI report also found that Cincinnati State is an excellent investment for students, taxpayers, and employers.
- For every dollar students invest in Cincinnati State (including wages they would have made working instead of attending college) they can expect an average annual return on their investment of 18.7 percent due to higher future earnings. That is a significantly higher average annual return than investing in the stock market.
- For every dollar of public money invested in Cincinnati State, taxpayers will receive a cumulative value of $4.90 over the course of the students’ working lives due to higher taxes paid by graduates and their employers, and the reduced need for social and government services.
- For every dollar that employers invest in training through Cincinnati State’s Workforce Development Center, they can expect a return of more than $33 due to higher productivity and business profits.
Goldman Sachs 10,000 Small Businesses to launch at Cincinnati State
That will change September 9 when Cincinnati Mayor John Cranley will join Cincinnati State President Dr. Monica Posey and other regional leaders to announce the launch of the Goldman Sachs 10,000 Small Businesses program at Cincinnati State.
The press conference to announce the new program takes place at 10:30 a.m. in the First Floor Lounge of the ATLC Building on Cincinnati State’s Clifton Campus, 3520 Central Parkway in Cincinnati.
The program, which is offered at no cost with support from the Goldman Sachs Foundation, provides entrepreneurs greater access to education, capital, and business support services that will drive job creation and economic opportunity.
The curriculum for 10,000 Small Businesses was developed by Babson College, recently named No. 1 for Entrepreneurship by U.S. News & World Report.
The Goldman Sachs Foundation awarded Cincinnati State with a grant to deliver the program, which will include participation by Cincinnati State business faculty members.
“Helping employers grow is a key part of Cincinnati State’s mission,” said Posey. “We are so pleased and grateful to be partnering with the Goldman Sachs Foundation to make this opportunity available for local business owners.”
The 10,000 Small Businesses program will begin in February. The goal is for the first class to include a 50-50 ratio of men and women business owners, and to work with government, business and community entities to ensure that minority-owned businesses are also included.
“Small businesses are vital to the health of our economy and core to what makes our communities strong,” said Asahi Pompey, Global Head of Corporate Engagement and President of the Goldman Sachs Foundation.
“Our belief in America’s small business owners has been unwavering over the decade we have run this program. We look forward to supporting Cincinnati’s continued progress as a center for small business growth. Cincinnati’s entrepreneurs will now join a community that is over 8,600 strong across all 50 states.”
“One of our region’s remarkable strengths is the diversity of its people and businesses,” said Cranley. “We are thrilled to be part of this great program and look forward to working together as a united front to cultivate and support small businesses.”
To qualify for the 10,000 Small Businesses program, a participant must be the owner or co-owner of a business that has been in operation for at least two years, has annual revenues above $150,000, and has at least four employees.
Applications to participate in the 10,000 Small Businesses program are open and available at 10ksbapply.com/Ohio. Applications are due on October 18.
Cincinnati State is planning to hold three information sessions for those interested in the 10,000 Small Businesses program:
- September 19, 4:00-5:30 p.m., Union Institute, 440 E. McMillan Street, Cincinnati, 45206
- October 3, 4:00-5:30 p.m., Cincinnati State Workforce Development Center, 10100 Reading Road, Cincinnati, 45241
- October 15, 8:00-9:30 a.m., Cincinnati State Workforce Development Center, 10100 Reading Road, Cincinnati, 45241
In June, Goldman Sachs 10,000 Small Businesses announced the expansion of its program in Ohio to include regional hubs in Cincinnati, Columbus, and Dayton. The program has been operating in Cleveland for several years.
To date nationally, nearly 9,000 small business owners from all 50 states, Washington, D.C. and Puerto Rico have graduated from 10,000 Small Businesses. The program’s results include:
- 67 percent of graduates see revenue growth six months after completing the program
- 47 percent report creating new jobs six months after completing the program
For more information about 10,000 Small Businesses, contact Cincinnati State’s Workforce Development Center at (513) 569-1643.