MCC Program Based Economic Impact Analysis: Feb 2018

LICENSED PRACTICAL & VOCATIONAL NURSES (HYPOTHETICAL)

The Licensed Practical & Vocational Nurses program is a hypothetical certificate program and the following analysis assumes the program had been in existence the past 10 years. CAREER PATHWAYS The Licensed Practical and Licensed Vocational Nurses program can lead students the occupation Licensed TABLE 2.31: Aggregated Program to Occupation Mapping Measures Number of Occupations 1

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. If offered, for every dollar students invest in their education in the program, they will receive $10.40 back over the course of their working lives. This investment can also be seen in terms of a rate of return of 49.4%. This is an impressive return, especially when compared to the U.S. stock market 30-year average of 10.1% return. FIGURE 2.29: Lifetime Earnings of a Licensed Practical and Licensed Vocational Nurses Program Completer Compared to a High School Graduate TABLE 2.32: Metrics Per Student and Total Impact Lifetime Earnings Increase per Student $320.4 thousand Annual Economic Impact per Student* $5.1 thousand Total Alumni Impact in FY 2015-16 $1.8 million * Due to data limitations, a duplicated student headcount was used to calcu- late the economic impact per student, generating a very conservative result.

Projected Avg. Annual Job Openings (2016-2026)

166

Projected Avg. Job Growth (2016-2026)

+11.4% $19.81

Median Hourly Wage (2016)

Practical and Licensed Vocational Nurses.

Using the average number of annual openings for these occupations (166) and subtracting the FY 2015- 16 institutional completers in the county that may fill these openings (54), we arrive at a gap of 112 unfilled openings. There are 205 unique job postings for these occupations at the associate degree level or below in Monroe County. The top three posting companies are Rochester General Health System, University of Roch- ester, Hillside Family of Agencies. PROGRAM ALUMNI IMPACT In order to calculate an impact, Emsi worked with MCC to estimate the number of students that will enter and finish the program if offered by MCC. If the program had been in existence the past 10 years, former students of MCC’s Licensed Practical and Licensed Vocational Nurses program would have added $1.8 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 out- put of businesses that employ these students, and the multiplier effects that occur.

High School Graduate

Program Completer

$50,000

$30,000 $20,000 $10,000 $0 $40,000

Average Annual Earnings

31

36

41 46 51

56

61 66

Age

27

PROGRAM BASED ECONOMIC IMPACT ANALYSIS