An independent analysis of the CareerEdge Funders Collaborative finds that the nonprofit workforce-development program is producing millions of dollars in new wages and economic impact for the Manatee-Sarasota region. The April 2012 analysis also documents why the organization’s innovative approach could serve as a high-impact, cost-effective workforce-training model for the rest of Florida.
Conducted by Urban Market Ventures, with data review by Capital Analytics, the analysis finds that $1.54 million in investments by CareerEdge in 2011 and so far in 2012 will result in nearly $3 million in annual earnings increases for incumbent workers at local employers, and more than $5.6 million in new annual wages for jobseekers placed in new positions. The regional impact of those investments includes nearly $4.3 million in new, “value added” income that is being pumped into the local economy.
By the Numbers: CareerEdge Impact on Workers’ Lives and Regional Economy
• $1.54 million – CareerEdge investments in training in 2011 and 2012
• 2,568 – workers trained in the Manatee-Sarasota region
• $8.59 million – total annual wage increases for 2011 and ’12 CareerEdge-trained workers
• $4.28 million – total of above that is new income for local economy
• $2.99 million – new annual income to other businesses through “multiplier effect” spending
• $7.28 million – total increase in Gross Regional Product from CareerEdge
• $7,700 – annual wage increase for CareerEdge workers previously classified as “low low-income”