MCC Program Based Economic Impact Analysis: Feb 2018

Executive Summary

This report assesses the impact of 22 of Monroe Community College’s (MCC) academic programs and one MCC non-credit certificate program on the county economy and the benefits generated by each program for its students. These programs were selected by MCC based on employer’s expressed demand for trained workers in these fields. Follow- ing are some of the key findings of this analysis.

the average job growth is expected to be +3.8% . Since there are no institutional completers in the county, annually, there is a gap of 394 job openings. MCC’s Applied Integrated Technology/Mechatronics program students generated an estimated $32.4 thousand in added income to the Monroe County economy in FY 2015-16. This is an annual economic impact of $2,160 per student. The undiscounted lifetime earnings increase per student is $699.6 thousand . For every dollar a student invests in their education in MCC’s Applied Integrated Technology/Mechatronics program, they will receive $13.20 back over the course of their working lives. The corresponding internal rate of return is 35.3% for students in the Applied Integrated Technol- ogy/Mechatronics program. AUTOMOTIVE TECHNOLOGIES In FY 2015-16, MCC enrolled 196 students in its Auto- motive Technologies programs. The average number of annual job openings in these occupations from 2016- 2026 is expected to be 424, and the average job growth is expected to be +9.7% . Annually, there are 395 more job openings than institutional completers in the county for Automotive Technologies programs. MCC’s Automotive Technologies programs alumni generated an estimated $15.1 million in added income to the Monroe County economy in FY 2015-16. This is an annual economic impact of $2,616 per student. The undiscounted lifetime earnings increase per student is $1 million . For every dollar a student invests in their education in MCC’s

ACCOUNTING In FY 2015-16, MCC enrolled 119 students in its Accounting program. The average number of annual job openings in these occupations from 2016-2026 is expected to be 3,894, and the average job growth is expected to be +4.5% . Annually, there are 3,874 more job openings than institutional completers in the county for the Accounting program. MCC’s Accounting program alumni generated an estimated $22.5 million in added income to the Monroe County economy in FY 2015- 16. This is an annual economic impact of $2,630 per student. 1 The undiscounted lifetime earnings increase per student is $769.6 thousand . For every dollar a student invests in their education in MCC’s Accounting program, they will receive $6.70 back over the course of their working lives. The corresponding internal rate of return is 21.9% for students in the Accounting program. APPLIED INTEGRATED TECHNOLOGY/ MECHATRONICS In FY 2015-16, MCC enrolled four students in its Applied Integrated Technology/Mechatronics program. The average number of annual job openings in these occupations from 2016-2026 is expected to be 394, and 1 Due to data limitations, a duplicated student headcount was used to calculated the economic impact per student. In other words, a student was counted multiple times if he or she was enrolled at MCC for more than one year. This results in a very conservative economic impact per student calculation. This holds true for all programs.

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PROGRAM BASED ECONOMIC IMPACT ANALYSIS