MCC Program Based Economic Impact Analysis: Feb 2018

WELDING FABRICATION

While only recently established in 2008, in FY 2015-16, MCC enrolled 58 students in its non-credit Welding Fabrication program. Of these students, 58 graduated with a certificate in FY 2015-16. CAREER PATHWAYS The Welding Fabrication program can lead students into a number of occupations, which may include: Weld- ers, Cutters, Solderers, and Brazers and Sheet Metal Workers. TABLE 2.45: Aggregated Program to Occupation Mapping Measures Number of Occupations 4

PROGRAM ALUMNI IMPACT Former students of MCC’s Welding Fabrication pro- gram added $1.5 million in income to the Monroe County 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 2.46: Metrics Per Student and Total Impact Lifetime Earnings Increase per Student $628 thousand Annual Economic Impact per Student* $4.7 thousand Total Alumni Impact in FY 2015-16 $1.5 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 $10.50 back over the course of their working lives. This investment can also be seen in terms of a rate of return of 38.5%. This is an impressive return, especially when compared to the U.S. stock market 30-year average of 10.1% return. FIGURE 2.42: Lifetime Earnings of a Welding Fabrication Program Completer Compared to a High School Graduate

Projected Avg. Annual Job Openings (2016-2026)

79

Projected Avg. Job Growth (2016-2026)

-1.8%

Median Hourly Wage (2016)

$19.66

Using the average number of annual openings for these occupations (79) and subtracting the FY 2015-16 insti- tutional completers in the county that may fill these openings (58), we arrive at a gap of 21 unfilled openings. There are 11 unique job postings for these occupations at the certificate level or below in Monroe County. The top three posting companies are Pfaudler, Inc., McAlpin Industries Inc., and PKG Equipment Inc.

FIGURE 2.41: MCC Welding Fabrication Completers, FY 2007-08 to FY 2015-16

80

High School Graduate

Program Completer

60

$80,000

$60,000

40

$40,000

20

Average Annual Earnings $20,000

Number of Completers

0

$0

2008

2012 2013 2014 2015 2016 2009 2010 2011

27 32

37

42 47 52

57

62

67

Year Graduated

Age

34

MONROE COMMUNITY COLLEGE. | FEBRUARY 2018