MCC Program Based Economic Impact Analysis: Feb 2018

OPTICAL SYSTEMS TECHNOLOGY

In FY 2015-16, MCC enrolled 60 students in its Optical Systems Technology program. Of these students, four graduated with an associate degree in FY 2015-16. CAREER PATHWAYS The Optical Systems Technology program can lead students into the occupations of Industrial Engineering Technicians, Electronics Engineering Technologists, and Manufacturing Production Technicians. TABLE 2.35: Aggregated Program to Occupation Mapping Measures Number of Occupations 21 Using the average number of annual openings for these occupations (154) and subtracting the FY 2015- 16 institutional completers in the county that may fill these openings (four), we arrive at a gap of 150 unfilled openings. There are 821 unique job postings for these occupations at the associate degree level and below in Monroe County. The top posting companies are Dish Network LLC, Harris Corporation, and SBA Commu- nications Corporation. Projected Avg. Annual Job Openings (2016-2026) 154 Projected Avg. Job Growth (2016-2026) -1.7% Median Hourly Wage (2016) $25.59

PROGRAM ALUMNI IMPACT Former students of MCC’s Optical Systems Technology program added $12 million in income to the Monroe County economy in FY 2015-16. This figure repre- sents 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 2.36: Metrics Per Student and Total Impact Lifetime Earnings Increase per Student $1.4 million Annual Economic Impact per Student* $8.2 thousand Total Alumni Impact in FY 2015-16 $12 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 $9.40 back over the course of their working lives. This investment can also be seen in terms of a rate of return of 25.5%. This is an impressive return, especially when compared to the U.S. stock market 30-year average of 10.1% return.

FIGURE 2.32: MCC Optical Systems Technology Completers, FY 2005-06 to FY 2015-16

FIGURE 2.33: Lifetime Earnings of an Optical Systems Technology Program Completer Compared to a High School Graduate

Certificate Completers

Associate Completers

High School Graduate

Program Completer

15

$100,000 $75,000 $50,000 $25,000 $0 Average Annual Earnings

10

5

0

2007 2006 Number of Completers

2009 2010 2011 2012 2013 2014 2015 2016 2008

30 35 40 45

50

55 60 65

Year Graduated

Age

29

PROGRAM BASED ECONOMIC IMPACT ANALYSIS