MCC Program Based Economic Impact Analysis: Feb 2018

HOSPITALITY: HOTEL MANAGEMENT, TRAVEL & TOURISM, EVENT PLANNING, GOLF MANAGEMENT

In FY 2015-16, MCC enrolled 343 students in its Hos- pitality: Hotel Management, Travel & Tourism, Event Planning, Golf Management (Hospitality) program. Of these students, 61 graduated with an associate degree in FY 2015-16. CAREER PATHWAYS The Hospitality program can lead students into a num- ber of occupations, which may include: Travel Guides, Flight Attendants, and Meeting, Convention, and Event Planners. TABLE 2.27: Aggregated Program to Occupation Mapping Measures Number of Occupations 14 Using the average number of annual openings for these occupations (545) and subtracting the FY 2015- 16 institutional completers in the county that may fill these openings (273), we arrive at a gap of 272 unfilled openings. There are 314 unique job postings for these occupations at the associate degree level or below in Monroe County. The top three posting companies are Taco Bell Corp, Compass Group PLC, and Red Lobster Seafood Co., LLC. Projected Avg. Annual Job Openings (2016-2026) 545 Projected Avg. Job Growth (2016-2026) +4.6% Median Hourly Wage (2016) $12.58

PROGRAM ALUMNI IMPACT Former students of MCC’s Hospitality program added $36.7 thousand in income to the Monroe County econ- omy 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 2.28: Metrics Per Student and Total Impact Lifetime Earnings Increase per Student $37.8 thousand Annual Economic Impact per Student* $4.1 Total Alumni Impact in FY 2015-16 $36.7 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 $1.60 back over the course of their working lives. This investment can also be seen in terms of a rate of return of 7.0%.

FIGURE 2.25: MCC Hospitality Completers, FY 2005-06 to FY 2015-16

FIGURE 2.26: Lifetime Earnings of a Hospitality Program Completer Compared to a High School Graduate

80

High School Graduate

Program Completer

$40,000

60

$30,000

40

$20,000

20

Average Annual Earnings $10,000

Number of Completers

0

$0

2008

2012 2013 2014 2015 2016 2009 2010 2011

25

35 30

40 45 50

55

60

65

Year Graduated

Age

25

PROGRAM BASED ECONOMIC IMPACT ANALYSIS