MCC Program Based Economic Impact Analysis: Feb 2018

REGISTERED NURSING

In FY 2015-16, MCC enrolled 346 students in its Regis- tered Nursing program. Of these students, 124 gradu- ated with an associate degree in FY 2015-16. CAREER PATHWAYS The Registered Nursing program can lead students into the occupation of Registered Nurse. TABLE 2.39: Aggregated Program to Occupation Mapping Measures Number of Occupations 1 Using the average number of annual openings for these occupations (337) and subtracting the FY 2015-16 insti- tutional completers in the county that may fill these openings (124), we arrive at a gap of 213 unfilled open- ings. There are 2,134 unique job postings for these occupations at the associate degree level or below in Monroe County. The top three posting companies are University of Rochester, Rochester General Health System, and Mayo Clinic. PROGRAM ALUMNI IMPACT Former students of MCC’s Registered Nursing program added $15.2 million in income to the Monroe County Projected Avg. Annual Job Openings (2016-2026) 337 Projected Avg. Job Growth (2016-2026) +21.3% $30.46 Median Hourly Wage (2016)

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 output of businesses that employ these students, and the multiplier effects that occur. TABLE 2.40: Metrics Per Student and Total Impact Lifetime Earnings Increase per Student $478.8 thousand Annual Economic Impact per Student* $1.2 thousand Total Alumni Impact in FY 2015-16 $15.2 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 $5.80 back over the course of their working lives. This investment can also be seen in terms of a rate of return of 22.5%. This is an impressive return, especially when compared to the U.S. stock market 30-year average of 10.1% return.

FIGURE 2.36: MCC Registered Nursing Completers, FY 2005-06 to FY 2015-16

FIGURE 2.37: Lifetime Earnings of a Registered Nursing Program Completer Compared to a High School Graduate

160

High School Graduate

Program Completer

120

$60,000

80

$40,000

40

$20,000

Average Annual Earnings

Number of Completers

0

$0

2006

2012 2013 2014 2015 2016 2007 2008 2009 2010 2011

31 36

41

46 51 56

61

66

Year Graduated

Age

31

PROGRAM BASED ECONOMIC IMPACT ANALYSIS