Investing in Florida’s future — how state colleges power economic growth

Read the original article on floridapolitics.com. 

As Florida continues to grow and flourish, the state stands at a pivotal moment for its future. Florida’s state colleges play a critical role in that growth, driving economic mobility, strengthening communities, and fueling the state’s economic engine.

A recent Lightcast report, “The Economic Value of the Florida College System,” issued in October by the Association of Florida Colleges, offers clear evidence that the “Great 28” state colleges are not only educating students and upskilling today’s workforce — they are powering Florida’s prosperity. An investment in the Florida College System (FCS) truly pays dividends for the state.

In fiscal year 2023–24, the Florida College System generated $56.7 billion in added income to Florida’s economy, representing roughly 3.7% of the state’s total gross product. FCS colleges supported 640,484 jobs statewide, meaning one in 24 Florida jobs is connected to a state college, its students, or its alumni.

These figures are not abstract. They represent real livelihoods, thriving small businesses, strong regional economies, and communities positioned to grow and prosper.

For students, an FCS education is a smart and life-changing investment. The Lightcast analysis shows that for every dollar students invest in tuition, fees, and forgone income, they receive $6.30 in lifetime earnings — a 21.2% average annual rate of return that outperforms many traditional investments. Collectively, students enrolled in 2023–24 will earn $14.5 billion more over their lifetimes than they would have without attending a state college.

Taxpayers also see substantial returns. Every $1 invested in the Florida College System yields $2.40 in added tax revenue and reduced public spending over students’ working lives. A more skilled workforce lowers demand for social services, generating $13.30 in social savings for every dollar invested during the same period.

At its core, the Florida College System is about building human capital. FCS institutions offer associate and bachelor’s degrees, workforce certificates, skills-based training, continuing education, and professional development — delivered both in person and online — and tailored to meet Florida’s evolving economic needs. Alumni contribute to industries ranging from advanced manufacturing and health care to technology, education, and the skilled trades. The $51 billion in added income generated by alumni underscores the lasting value of an FCS education.

As Chair of the FCS Council of Presidents and President of Seminole State College, I view Florida’s state colleges as far more than postsecondary institutions. They create pathways to economic mobility, strengthen community resilience, and support long-term prosperity statewide. The Council appreciates Gov. Ron DeSantis’ budget recommendation of $1.9 billion for the Florida College System, which will have a significant impact when reinvested in students and communities.

The Lightcast report confirms what has long been evident: investing in the Florida College System is one of the most cost-effective investments Florida can make. Every dollar invested delivers measurable benefits to students, taxpayers, communities, and the broader economy.

As Florida attracts new residents, expands industries, and navigates global economic challenges, the Florida College System stands ready — educating today’s workforce, preparing for tomorrow’s opportunities, and powering the state’s future success. When Florida invests in the Florida College System, it invests in itself.

Dr. Georgia Lorenz is president of Seminole State College and chair of the Florida College System Council of Presidents.