Monroe Community College Program Based Economic Impact Analysis, January 2015

PRECISION MACHINING & TOOLING PROGRAM

TABLE H1: 2014 Economic Impact of MCC’s Precision Machining & Tooling Program Field Value ($K) Total Economic Impact in 2014 $20,156  Initial Effect $13,424  Direct Effect $1,752  Indirect Effect $344  Induced Effect $4,635 TABLE H2: Metrics per Worker for MCC’s Precision Machining & Tooling Program Field Value Number of Completers in Workforce in 2014 267 Annual Economic Impact Per Completer $75,500 Estimated Lifetime Earnings Per Completer $694,300

In 2014, completers of MCC’s Precision Machining & Tooling program generated an estimated $20.2 mil- lion in added income to the regional economy. This figure represents the increased wages collected by former students as a direct result of their education, 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 267 MCC completers in the workforce who achieved some credential in this field (either a post- secondary vocational award or an associate’s degree). Whether employed in their field or in another field, these students generate an annual economic impact of $75,500 per person. An average MCC completer in this program will collect a present value of $694,300 in future earnings as a result of this education.

FIGURE H1: Lifetime Earnings Curve of Precision Machining & Tooling Program Completers compared to Control Group

FIGURE H2: MCC Precision Machining & Tooling Com- pleters 2003-2014

Associates

Certificates

Earnings for CIP 48.0501

Earnings for Control Group

45 35 40 30 25 15 20 10

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

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

14

MONROE COMMUN I T Y COL L EGE | ECONOM I C MODE L I NG S P EC I A L I S T S I NT L .