MCC Program Based Economic Impact Analysis: Feb 2018

CONSTRUCTION TECHNOLOGY

In FY 2015-16, MCC enrolled 94 students in its Con- struction Technology program. Of these students, 13 graduated with an associate degree in FY 2015-16. CAREER PATHWAYS The Construction Technology program can lead stu- dents into a number of occupations, which may include: Real Estate Appraisers, Civil Engineering Technicians and Construction and Building Inspectors. TABLE 2.15: Aggregated Program to Occupation Mapping Measures Number of Occupations 7 Using the average number of annual openings for these occupations (354) and subtracting the FY 2015-16 insti- tutional completers in the county that may fill these openings (15), we arrive at a surplus of 339 extra com- pleters. There are 101 unique job postings for these occupations at the associate degree level or below in Monroe County. The top three posting companies are Terracon Consultants Incorporated, Stantec Incorpo- rated, and T.Y. Lin International. Projected Avg. Annual Job Openings (2016-2026) 354 Projected Avg. Job Growth (2016-2026) +10.5% $19.79 Median Hourly Wage (2016)

PROGRAM ALUMNI IMPACT Former students of MCC’s Construction Technology program added $3 million in income to the Monroe County economy in FY 2015-16. This figure repre- sents 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 2.16: Metrics Per Student and Total Impact Lifetime Earnings Increase per Student $974.4 thousand Annual Economic Impact per Student* $1.7 thousand Total Alumni Impact in FY 2015-16 $3 million * 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 $6.50 back over the course of their working lives. This investment can also be seen in terms of a rate of return of 18.1%. This is an impressive return, especially when compared to the U.S. stock market 30-year average of 10.1% return.

FIGURE 2.14: MCC Construction Technology Completers, FY 2005-06 to FY 2015-16

FIGURE 2.15: Lifetime Earnings of a Construction Technology Program Completer Compared to a High School Graduate

25 20 15 10

High School Graduate

Program Completer

$80,000

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

0 5

Average Annual Earnings

Number of Completers

2006

2012 2013 2014 2015 2016 2007 2008 2009 2010 2011

25

35 30

40 45 50

55

60

65

Year Graduated

Age

19

PROGRAM BASED ECONOMIC IMPACT ANALYSIS