MCC Program Based Economic Impact Analysis: Feb 2018

PRECISION TOOLING & MACHINING

In FY 2015-16, MCC enrolled 185 students in its Preci- sion Tooling & Machining program. Of these students, 30 graduated with a certificate and 23 graduated with an associate degree in FY 2015-16. CAREER PATHWAYS The Precision Tooling & Machining program can lead students into a number of occupations, which may include: Heat Treating Equipment Setters, Operators, and Tenders, Metal and Plastic, Machinist and Tool and Die Makers. TABLE 2.43: Aggregated Program to Occupation Mapping Measures Number of Occupations 20

PROGRAM ALUMNI IMPACT Former students of MCC’s Precision Tooling & Machin- ing program added $13.8 million in income to the Mon- roe 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 2.44: Metrics Per Student and Total Impact Lifetime Earnings Increase per Student $775.3 thousand Annual Economic Impact per Student* $3.8 thousand Total Alumni Impact in FY 2015-16 $13.8 million * Due to data limitations, a duplicated student headcount was used to calcu- late the economic impact per student, generating a very conservative result. 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 $8.80 back over the course of their working lives. This investment can also be seen in terms of a rate of return of 26.7%. This is an impressive return, especially when compared to the U.S. stock market 30-year average of 10.1% return.

Projected Avg. Annual Job Openings (2016-2026)

524

Projected Avg. Job Growth (2016-2026)

-5.8%

Median Hourly Wage (2016)

$19.65

Using the average number of annual openings for these occupations (524) and subtracting the FY 2015- 16 institutional completers in the county that may fill these openings (68), we arrive at a gap of 456 unfilled openings. There are 814 unique job postings for these occupations in Monroe County. The top three posting companies are Gleason Corporation, Valeant Pharma- ceuticals International Inc, and Cannon Industries, Inc.

FIGURE 2.39: MCC Precision Tooling & Machining Completers, FY 2005-06 to FY 2015-16

FIGURE 2.40: Lifetime Earnings of a Precision Tooling & Machining Program Completer Compared to a High School Graduate

Certificate Completers

Associate Completers

High School Graduate

Program Completer

50 40 0 30 20 10

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

2007 2006 2009 2010 2011 2012 2013 2014 2015 2016 2008 Number of Completers

29 34 39 44

49

54 59 64

Year Graduated

Age

33

PROGRAM BASED ECONOMIC IMPACT ANALYSIS