At its regular meeting Oct. 10, 2016, the Cherry Creek School District Board of Education heard the report of a recent study conducted by Development Research Partners, which focused on the economic and fiscal benefits of the district in the metro Denver region.
The study was conducted by Development Research Partners which specializes in economic research and analysis for local and state government and private-sector businesses. Their clients include the Colorado Office of Economic Development, Denver Metro Chamber of Commerce, Aurora Economic Development Council, Metro Denver Economic Development Corp., the Colorado Bankers Association and the Denver Technological Center.
According the study, the total estimated economic benefit of the Cherry Creek School District in the metro area in the 2014-15 fiscal year was $1.4 billion. The number represents money spent by CCSD employees on local housing goods and services; it represents the money spent by the district on utilities, professional and technical services, wholesale and retail trade, construction, building support services, financial services and maintenance. That total also represents the output in all industries that were supported by the district in the Metro Denver region.
In the 2014-15 school year, the district employed about 7,910 teachers and staff, all of whom contributed nearly $419 million to the local economy. As a district, we spent about $233 million on services at local businesses.
For the bond projects approved by voters in 2012, the district used local architects, contractors, project managers and material vendors. That boiled down to an estimated $88 million in economic benefits from work related to the 2012 bond. In other words, those funds meant supporting the employment of 543 full-time construction workers earning $35.2 million over four years. That, in turn, supported an added $90.5 million in output in all industries in the region, pushing the total economic benefit to about $178.5 million.
"This has been a very enlightening report," CCSD board President Randy Perlis said.
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