MCC Program Based Economic Impact Analysis: Feb 2018

HEATING VENTILATION & AIR CONDITIONING, INCLUDING SOLAR THERMAL TECHNOLOGIES

In FY 2015-16, MCC enrolled 165 students in its Heat- ing Ventilation & Air Conditioning, including Solar Thermal Technologies program (HVAC). Of these stu- dents, 14 graduated with a certificate and 20 graduated with an associate degree in FY 2015-16. CAREER PATHWAYS The HVAC program can lead students into a number of occupations, which may include: Boilermakers and Solar Photovoltaic Installers. TABLE 2.25: Aggregated Program to Occupation Mapping Measures Number of Occupations 28 Using the average number of annual openings for these occupations (438) and subtracting the FY 2015- 16 institutional completers in the county that may fill these openings (41), we arrive at a gap of 397 unfilled openings. There are 888 unique job postings for these occupations at the associate degree level and below in Monroe County. The top three posting companies are Valeant Pharmaceuticals International, Inc., University of Rochester, and Ingersoll Rand. Projected Avg. Annual Job Openings (2016-2026) 438 Projected Avg. Job Growth (2016-2026) +7.1% Median Hourly Wage (2016) $25.40

PROGRAM ALUMNI IMPACT Former students of MCC’s HVAC program added $18.4 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 businesses that employ these stu- dents, and the multiplier effects that occur. TABLE 2.26: Metrics Per Student and Total Impact Lifetime Earnings Increase per Student $1.3 million Annual Economic Impact per Student* $4.8 thousand Total Alumni Impact in FY 2015-16 $18.4 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 $12.50 back over the course of their working lives. This investment can also be seen in terms of a rate of return of 28.8%. This is an impressive return, especially when compared to the U.S. stock market 30-year average of 10.1% return.

FIGURE 2.23: MCC HVAC, including Solar Thermal Technologies Completers, FY 2005-06 to FY 2015-16

FIGURE 2.24: Lifetime Earnings of a HVAC Program Completer Compared to a High School Graduate

Certificate Completers

Associate Completers

High School Graduate

Program Completer

40 30 20 10 0

$100,000 $75,000 $50,000 $25,000 $0

Average Annual Earnings

Number of Completers 2007 2006

2009 2010 2011 2012 2013 2014 2015 2016 2008

27 32 37 42 47

57 62 67 52

Year Graduated

Age

24

MONROE COMMUNITY COLLEGE. | FEBRUARY 2018