MCC Program Based Economic Impact Analysis: Feb 2018

ELECTRICAL ENGINEERING TECHNOLOGIES

In FY 2015-16, MCC enrolled 95 students in its Elec- trical Engineering Technologies program. Of these students, 16 graduated with an associate degree in FY 2015-16. CAREER PATHWAYS The Electrical Engineering Technologies program can lead students into a number of occupations, which may include: Electrical and Electronics Drafters and Electro- Mechanical Technicians. TABLE 2.21: Aggregated Program to Occupation Mapping Measures Number of Occupations 12 Using the average number of annual openings for these occupations (129) and subtracting the FY 2015- 16 institutional completers in the county that may fill these openings (24), we arrive at a gap of 105 unfilled openings. There are 632 unique job postings for these occupations at the associate degree level or below in Monroe County. The top three posting companies are Harris Corporation, Dish Network LLC, and Charter Communications, Inc. Projected Avg. Annual Job Openings (2016-2026) 129 Projected Avg. Job Growth (2016-2026) +2.9% Median Hourly Wage (2016) $26.66

PROGRAM ALUMNI IMPACT Former students of MCC’s Electrical Engineering Tech- nologies program added $47.4 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 busi- nesses that employ these students, and the multiplier effects that occur. TABLE 2.22: Metrics Per Student and Total Impact Lifetime Earnings Increase per Student $1.6 million Annual Economic Impact per Student* $7.3 thousand Total Alumni Impact in FY 2015-16 $47.4 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 $9.70 back over the course of their working lives. This investment can also be seen in terms of a rate of return of 24.4%. This is an impressive return, especially when compared to the U.S. stock market 30-year average of 10.1% return.

FIGURE 2.20: MCC Electrical Engineering Technologies Completers, FY 2005-06 to FY 2015-16

FIGURE 2.21: Lifetime Earnings of an Electrical Engineering Technologies Program Completer Compared to a High School Graduate

20

High School Graduate

Program Completer

$100,000

15

$50,000 $75,000

10

5

Average Annual Earnings $25,000 $0

0 Number of Completers

2006

2012 2013 2014 2015 2016 2007 2008 2009 2010 2011

27

37 32

42 47 52

57

62

67

Year Graduated

Age

22

MONROE COMMUNITY COLLEGE. | FEBRUARY 2018