MCC Program Based Economic Impact Analysis: Feb 2018

APPLIED INTEGRATED TECHNOLOGY/ MECHATRONICS

While only recently established in 2011, in FY 2015-16, MCC enrolled 4 students in its Applied Integrated Tech- nology/Mechatronics program. There were no graduates receiving a certificate in this program in FY 2015-16. CAREER PATHWAYS The Applied Integrated Technology/Mechatronics pro- gram can lead students into a number of occupations, which may include: Electrical and Electronics Engineer- ing Technologists, and Electro-mechanical Technicians. TABLE 2.3: Aggregated Program to Occupation Mapping Measures Number of Occupations 24 Using the average number of annual openings for these occupations (394) and in FY 2015-16 there were no insti- tutional completers in the county that may fill these openings, so we arrive at a gap of 394 unfilled openings. There are 267 unique job postings at the certificate level or below for these occupations in Monroe County. The top three posting companies are Gleason Corporation, Harris Corporation, and Corning Incorporated. PROGRAM STUDENT IMPACT Former students of MCC’s Applied Integrated Technol- ogy/Mechatronics program added $32.4 thousand in income to the Monroe County economy in FY 2015-16. This figure represents the increased wages collected by former students active today in the county workforce as a direct result of their education, the increased out- put of businesses that employ these students, and the multiplier effects that occur. Projected Avg. Annual Job Openings (2016-2026) 394 Projected Avg. Job Growth (2016-2026) +3.8% Median Hourly Wage (2016) $22.58

STUDENT RETURN ON INVESTMENT To earn a degree in the program, students experience costs in the form of tuition and fees, books and supplies, and the opportunity cost of attending school instead of working. In return for this investment, students can earn higher wages. For every dollar students invest in their education in the program, they will receive $13.20 back over the course of their working lives. This investment can also be seen in terms of a rate of return of 35.3%. This is an impressive return, especially when compared to the U.S. stock market 30-year average of 10.1% return. FIGURE 2.3: Lifetime Earnings of an Applied Integrated Technology/Mechatronics Program Completer Compared to a High School Graduate Total Student Impact in FY 2015-16 $32.4 thousand * Due to data limitations, a duplicated student headcount was used to calcu- late the economic impact per student, generating a very conservative result. TABLE 2.4: Metrics Per Student and Total Impact Lifetime Earnings Increase per Student $699.6 thousand Annual Economic Impact per Student* $2.2 thousand

High School Graduate

Program Completer

$80,000

$60,000

$40,000

$20,000 $0 Average Annual Earnings

35 40 45 50

55

60 65

Age

13

PROGRAM BASED ECONOMIC IMPACT ANALYSIS