MCC Program Based Economic Impact Analysis: Feb 2018

the programs each affect the county in a variety of ways, many of them difficult to quantify, this study is concerned with considering the economic benefits of their alumni. The programs are designed to help students achieve their individual potential and develop the knowledge, skills, and abilities they need to have fulfilling and prosperous careers. However, the value of MCC consists of more than simply influencing the lives of students. The College’s program offerings supply employers with workers to make their businesses more productive. To derive results, we rely on a specialized Multi-Regional Social Accounting Matrix (MR-SAM) model to calculate the added income created in the

Monroe County economy as a result of increased con- sumer spending and the added knowledge, skills, and abilities of students. The third component of the study measures the benefits generated by students of the programs. We perform an investment analysis to determine how the money spent by the program’s students on their education performs as an investment over time. The students’ investment in this case consists of their out-of-pocket expenses and the opportunity cost of attending the College as opposed to working. In return for these investments, students receive a lifetime of higher earnings.

TABLE 1.1: Labor and non-labor income by major industry sector in Monroe County, 2016*

Labor income (millions)

Non-labor income (millions)

Total income (millions)†

% of total income

Sales (millions)

Industry sector

Agriculture, Forestry, Fishing, & Hunting

$31 $14

$6

$37 $41

<0.1% <0.1%

$116

Mining Utilities

$27

$61

$120

$346 $454

$466

1.0% 3.3%

$642

Construction Manufacturing Wholesale Trade

$1,068 $3,422 $1,333 $1,460

$1,522 $6,533 $2,843 $2,298 $2,243 $3,891 $1,579 $2,954 $1,345 $1,478 $2,273 $4,134 $512

$2,835

$3,112 $1,509

14.4% $14,782

6.3% 5.1% 1.1% 4.9% 8.6% 3.5% 6.5% 3.0% 3.2% 5.0% 9.1% 0.7% 2.0%

$4,046 $3,726 $1,015 $4,334 $6,881 $3,526 $4,452 $2,357 $2,332 $3,692 $7,442

Retail Trade

$838 $137

Transportation & Warehousing

$375 $751

Information

$1,492 $1,777

Finance & Insurance

$2,113

Real Estate & Rental & Leasing Professional & Technical Services

$738

$840 $474 $204 $296 $243 $319

$2,481 $1,141 $1,182 $2,031 $3,814

Management of Companies & Enterprises

Administrative & Waste Services Educational Services, Private Health Care & Social Assistance Arts, Entertainment, & Recreation Accommodation & Food Services

$232 $606 $646

$87

$319 $901

$567

$295

$1,810 $7,447

Other Services (except Public Administration)

$4,905

$5,551 $2,175 $2,387

12.2%

Government, Non-Education

$1,861 $2,264

$314 $123

4.8% $10,671

Government, Education

5.2%

$2,672

Total

$27,684

$17,797

$45,480

100.0% $85,406

* Data reflect the most recent year for which data are available. Emsi data are updated quarterly. † Numbers may not add due to rounding. Source: Emsi.

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MONROE COMMUNITY COLLEGE. | FEBRUARY 2018