What is Virginia Beach City Public Schools' Measurable Economic Impact on the
City of Virginia Beach?
Read the Economic Impact Study Recently Released and Find Out What a Strong Public School System Means to Its Community.
Most people think of public school systems as consumers of tax dollars, when in actuality they are also actually producers of dollars. Consider this: Virginia Beach City Public Schools (VBCPS) is one of the largest employers in Hampton Roads and as such is a mature economic development force. The school system's operating and capital budgets generate jobs and other spending in the economy. But beyond that there are other significant economic impacts associated with a strong public school system -- raising property values or shielding them during recessionary times; helping hold down public safety, social services and public health costs; and increasing the lifetime earnings of graduates.
VBCPS recently set out to measure its economic impact on the City of Virginia Beach and the region. Why did school system leadership decide to do that? First, we wanted to seem a more objective assessment of the school division's value to the community because we believe that all those involved in determining the future of school funding need to have an understanding of what might be gained or what might be at risk by changing the investment level either way.
VBCPS secured the service of Dr. Michael Walden. Dr. Walden is a William Neal Distinguished Professor at North Carolina State University and a specialist in economic impact analysis. You can find his complete report here.