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
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 $0
Average Annual Earnings ($K)
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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 .
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