MCC Program Based Economic Impact Analysis: Feb 2018


In FY 2015-16, MCC enrolled 109 students in its Mechanical Engineering Technologies program. Of these students, one graduated with a certificate and 15 graduated with an associate degree in FY 2015-16. CAREER PATHWAYS The Mechanical Engineering Technologies program can lead students into a number of occupations, which may include: Mechanical Drafters and Industrial Machinery Mechanics. TABLE 2.33: Aggregated Program to Occupation Mapping Measures Number of Occupations 28 Using the average number of annual openings for these occupations (324) and subtracting the FY 2015-16 insti- tutional completers in the county that may fill these openings (16), we arrive at a gap of 308 unfilled open- ings. There are 526 unique job postings for these occu- pations at the associate degree level or below in Mon- roe County. The top three posting companies include: Thermo Fisher Scientific Inc, Valeant Pharmaceuticals International Inc, and Gleason Corporation. 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 Mechanical Engineering Technologies program added $15.4 million in income to the Monroe County economy in FY 2015-16. This figure represents the increased wages collected by former stu- dents 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 2.34: Metrics Per Student and Total Impact Lifetime Earnings Increase per Student $977.3 thousand Annual Economic Impact per Student* $3.1 thousand Total Alumni Impact in FY 2015-16 $15.4 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 $7.80 back over the course of their working lives. This investment can also be seen in terms of a rate of return of 20.8%. This is an impressive return, especially when compared to the U.S. stock market 30-year average of 10.1% return.

FIGURE 2.30: MCC Mechanical Engineering Technologies Completers, FY 2005-06 to FY 2015-16

FIGURE 2.31: Lifetime Earnings of a Mechanical Engineering Technologies Program Completer Compared to a High School Graduate

Certificate Completers

Associate Completers

High School Graduate

Program Completer

25 20 15 10

$80,000 $60,000 $40,000 $20,000 $0 Average Annual Earnings

2007 2006 0 5 Number of Completers

2009 2010 2011 2012 2013 2014 2015 2016 2008

25 30 35 40 45

55 60 65 50

Year Graduated




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