Report: NIC pumps $273 million into local economy

COEUR d’ALENE — North Idaho College added $273.2 million to the local economy — equivalent to supporting 3,992 jobs — in fiscal year 2023-24, according to an economic impact study published by the college this week.

“These numbers confirm what we already knew — NIC delivers broad and lasting value,” said NIC President Nick Swayne in a press release. “The college boosts the economy, supports thousands of jobs, and puts money back into community.”

Other highlights:

• Of the total economic impact of $273.2 million, NIC’s former students currently employed in the regional workforce amounted to $205.9 million; the college’s operations spending added $53.2 million; and expenditures of relocated and retained students added $14.2 million.

• Total taxpayer benefits amounted to $38.1 million, including added tax revenue and public sector savings.

• For every dollar invested in NIC, people in Idaho will receive $4.50 in return, for as long as NIC’s FY 2023-24 students remain active in the state workforce.

• One out of every 39 jobs in the NIC service area is supported by the activities of the college and its students.

The study was compiled by Moscow-based Lightcast.

The analysis supports the goals outlined in NIC’s 2025-2030 Strategic Plan, which emphasizes collaboration with regional partners to anticipate and meet shifting demands in education and workforce development, the release said.

“Reports like this give us the context we need to measure real impact,” Swayne said. “They hold us accountable. They show where we’re succeeding and where we can do even better.”