MCC Program Based Economic Impact Analysis: Feb 2018

AUTOMOTIVE TECHNOLOGIES

In FY 2015-16, MCC enrolled 196 students in its Auto- motive Technologies programs. Of these students, two graduated with a certificate and 27 graduated with an associate degree in FY 2015-16. CAREER PATHWAYS Automotive Technologies programs can lead students into a number of occupations, which may include: Auto- motive Body and Related Repairers, Automotive Glass Installers and Repairers, and Automotive Specialty Technicians. TABLE 2.5: Aggregated Program to Occupation Mapping Measures Number of Occupations 10 Using the average number of annual openings for these occupations (424) and subtracting the FY 2015-16 insti- tutional completers in the county that may fill these openings (29), we arrive at a gap of 395 unfilled open- ings. There are 1,001 unique job postings for these occupations at the associate degree level or below in Monroe County. The top three posting companies are The Goodyear Tire & Rubber Company, Penske Auto- motive Group, Inc., and Bridgestone Corporation. Projected Avg. Annual Job Openings (2016-2026) 424 Projected Avg. Job Growth (2016-2026) +9.7% Median Hourly Wage (2016) $18.32

PROGRAM ALUMNI IMPACT Former students of MCC’s Automotive Technologies programs added $15.1 million 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 output of businesses that employ these students, and the multiplier effects that occur. TABLE 2.6: Metrics Per Student and Total Impact Lifetime Earnings Increase per Student $1 million Annual Economic Impact per Student* $2.6 thousand Total Alumni Impact in FY 2015-16 $15.1 million * Due to data limitations, a duplicated student headcount was used to calculate the economic impact per student, generating in a very conservative result. 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 $7.20 back over the course of their working lives. This investment can also be seen in terms of a rate of return of 17.7%. This is an impressive return, especially when compared to the U.S. stock market 30-year average of 10.1% return.

FIGURE 2.4: MCC Automotive Technologies Completers, FY 2007-08 to FY 2015-16

FIGURE 2.5: Lifetime Earnings of an Automotive Technologies Program Completer Compared to a High School Graduate

Certificate Completers

Associate Completers

High School Graduate

Program Completer

60 50 40 30 20 10 0

$80,000 $60,000 $40,000 $20,000 $0

Average Annual Earnings

2008 2009 2010 2011 2012 2013 2014 2015 2016

23 28 33 38 43

53 58 63 48

Number of Completers

Year Graduated

Age

14

MONROE COMMUNITY COLLEGE. | FEBRUARY 2018