The purpose of this report is to assess the collective impact of North Carolina Community Colleges on the state economy and the benefits generated by the colleges for students, society, and taxpayers. The results of this study show that North Carolina Community Colleges create a positive net impact on the state economy and generate a positive return on investment for students, society, and taxpayers. This study considers the 58 North Carolina Community Colleges. While the colleges may have very different missions, they all have an important impact on the students they serve. They help students achieve their individual potential and develop the skills they need in order to have a fulfilling and prosperous career. However, the impact of North Carolina Community Colleges consists of more than influencing the lives of students. The study uses two general types of information: (1) data collected from the colleges; and (2) state economic data obtained from various public sources and EMSI's proprietary data modeling tools. The colleges' program offerings supply employers with workers to make their businesses more productive. The spending of the colleges and their employees and students support the state economy through the output and employment generated by state vendors. The benefits created by the colleges extend as far as the state treasury in terms of the increased tax receipts and decreased public sector costs generated by students across the state. The following are appended: (1) North Carolina Community Colleges; (2) Glossary of Terms; (3) EMSI MR-SAM; (4) Value per Credit Hour Equivalent & The Mincer Foundation; (5) Alternative Education Variable; (6) Overview of Investment Analysis Measures; and (7) Societal Externalities.