MCC Program Based Economic Impact Analysis: Feb 2018

CLINICAL & MEDICAL LABORATORY TECHNOLOGY

In FY 2015-16, MCC enrolled 36 students in its Clinical & Medical Laboratory Technology program. Of these students, 17 graduated with an associate degree in FY 2015-16. CAREER PATHWAYS The Clinical & Medical Laboratory Technology program can lead students into a number of occupations, which may include: Medical and Clinical Laboratory Techni- cians and Ophthalmic Medical Technicians. TABLE 2.7: Aggregated Program to Occupation Mapping Measures Number of Occupations 4 Using the average number of annual openings for these occupations (143) and subtracting the FY 2015- 16 institutional completers in the county that may fill these openings (17), we arrive at a gap of 126 unfilled openings. There are 391 unique job postings for these occupations at the associate degree level or below in Monroe County. The top three posting companies are University of Rochester, Rochester General Health System, and Highland Hospital. Projected Avg. Annual Job Openings (2016-2026) 143 Projected Avg. Job Growth (2016-2026) +4.2% Median Hourly Wage (2016) $19.37

PROGRAM ALUMNI IMPACT Former students of MCC’s Clinical & Medical Labo- ratory Technology program added $74.2 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. TABLE 2.8: Metrics Per Student and Total Impact Lifetime Earnings Increase per Student $277.2 thousand Annual Economic Impact per Student* $505 Total Alumni Impact in FY 2015-16 $74.2 thousand * Due to data limitations, a duplicated student headcount was used to calcu- late the economic impact per student, generating 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 $3.50 back over the course of their working lives. This investment can also be seen in terms of a rate of return of 16.6%. This is an impressive return, especially when compared to the U.S. stock market 30-year average of 10.1% return.

FIGURE 2.6: MCC Clinical & Medical Laboratory Technology Completers, FY 2010-11 to FY 2015-16

FIGURE 2.7: Lifetime Earnings of a Clinical & Medical Laboratory Technology Program Completer Compared to a High School Graduate

20

High School Graduate

Program Completer

$50,000 $40,000 $30,000 $20,000

15

10

5

Average Annual Earnings $0 $10,000

0 Number of Completers

2011 2012 2013 2014 2015 2016

34 39 44 49 54

59

64

Year Graduated

Age

15

PROGRAM BASED ECONOMIC IMPACT ANALYSIS