This study examined attitudes of people about benefits of the economic impacts of two local colleges (Palmer College of Chiropractic and Scott Community College) in the metropolitan Quad Cities area of Rock Island County (Illinois) and Scott County (Iowa). The study compared impacts considered important by the community with those estimated by the majority of economic impact studies. Data were collected using focus group interviews of two sets of representatives of the local chambers of commerce, city and county governments, and the general public. Both groups felt that purchases from local businesses made by the colleges, their faculties, students and visitors were economic impacts of primary importance. Economic impacts of secondary importance included the colleges' ability to attract new businesses to the community, employee training provided by the community college, the inflation of prices for rental housing, the community college's role in retaining young people in the area, the costs of providing government services to the colleges and people affiliated with them, college-related taxes received by local governments, income from college-related jobs, foregone revenue due to the colleges' tax-exempt status, availability of college students as part-time employees for local businesses, and the colleges' nonmonetary investment benefits. It is concluded that knowledgable people have firm opinions about the economic contributions of colleges and universities, absent any economic impact studies or public relations efforts. (Contains 3 figures, 2 tables, and 10 references.) (CK)