Monroe Community College Program Based Economic Impact Analysis, January 2015

MECHANICAL ENGINEERING TECHNOLOGY PROGRAM

TABLE G1: 2014 Economic Impact of MCC’s Mechanical Engineering Technology Program Field Value ($K) Total Economic Impact $7,465  Initial Effect $4,669  Direct Effect $629  Indirect Effect $124  Induced Effect $2,043 TABLE G2: Metrics per Worker for MCC’s Mechanical Engineering Technology Program Field Value Number of Completers in Workforce in 2014 115 Annual Economic Impact Per Completer $64,700 Estimated Lifetime Earnings Per Completer $682,700

In 2014, completers of MCC’s Mechanical Engineer- ing Technology program generated an estimated $7.4 million in added income to the regional economy. This figure represents the increased wages collected by former students as a direct result of their educa- tion, the increased output of businesses that employ these students, and the multiplier effects that occur as both parties spend money at other businesses. As of 2014, there are 115 MCC completers in the workforce who achieved an Associate in Applied Sci- ence degree in this field. Whether employed in their field or in another field, these students generate an annual economic impact of $64,700 per person. An average MCC completer in this program will collect a present value of $682,700 in future earnings as a result of this education.

FIGURE G1: Lifetime Earnings Curve of Mechanical Engineering Technology Program Completers compared to Control Group

FIGURE G2: MCC Mechanical Engineering Technology Completers 2003-2014

Associates

Certificates

Earnings for CIP 15.0805

Earnings for Control Group

30

$80 $60 $70 $50 $40 $30 $20 $10 $0

25

20

15

10

5

0

67

Average Annual Earnings ($K)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

20

30

40

50

60

70

Age

13

P ROGRAM BA S ED ECONOM I C I MP AC T ANA L Y S I S | J ANUAR Y 2 0 1 5