This report assesses the impact of Iowa's Community Colleges on the state economy and the benefits generated by the colleges for students, taxpayers, and society. Iowa's Community Colleges serve 138,642 credit and 232,480 non-credit students. The combined service region for the colleges, for the purpose of this report, consists of the state of Iowa. To derive results on the economic impact analysis of the colleges on the Iowa economy, researchers rely on a specialized Multi-Regional Social Accounting Matrix (MR-SAM) model to calculate the added income created in the Iowa economy as a result of increased consumer spending and the added knowledge, skills, and abilities of students. Results of the economic impact analysis are broken out according to the following impacts: (1) impact of the colleges' day-to-day operations; (2) impact of student spending; and (3) impact of alumni who are still employed in the Iowa workforce. An investment analysis to determine how the money spent by students on their education performs as an investment over time measures the benefits generated by Iowa's Community Colleges for the following stakeholder groups: students, taxpayers, and society. The students' investment in this case consists of their out-of-pocket expenses and the opportunity cost of attending the colleges as opposed to working. In return for these investments, students receive a lifetime of higher earnings. For taxpayers, the study measures the benefits to state taxpayers in the form of increased tax revenues and public sector savings stemming from a reduced demand for social services. For society, the study assesses how the students' higher earnings and improved quality of life create benefits throughout Iowa as a whole. The study uses a wide array of data that are based on several sources, including the FY 2014-15 academic and financial reports from Iowa's Community Colleges; student earnings and employment outcomes data from Iowa Department of Education and Iowa Workforce Development; industry and employment data from the Bureau of Labor Statistics and Census Bureau; outputs of Emsi's impact model and MR-SAM model; and a variety of published materials relating education to social behavior. The results of this study show that Iowa's Community Colleges create a positive net impact on the state economy and generate a positive return on investment for students, taxpayers, and society. This report contains the following chapters: (1) Profile of Iowa's Community of Colleges and the Economy; (2) Economic Impacts on the Iowa Economy; (3) Investment Analysis; (4) Sensitivity Analysis; and (5) Conclusion. [Contains a combined list of resources and references.]