Monroe Community College Program Based Economic Impact Analysis, January 2015

OPTICAL SYSTEMS TECHNOLOGY PROGRAM

TABLE J1: 2014 Economic Impact of MCC’s Optical Systems Technology Program Field Value ($K) Total Economic Impact in 2014 $3,575  Initial Effect $2,191  Direct Effect $312  Indirect Effect $64  Induced Effect $1,007 TABLE J2: Metrics per Worker for MCC’s Optical Systems Technology Program Field Value Number of Completers in Workforce in 2014 Annual Economic Impact Per Completer $121,500 Estimated Lifetime Earnings Per Completer $702,300 29

In 2014, completers of MCC’s Optical Systems Tech- nology program generated an estimated $3.5 million 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 29 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 $121,500 per person. An average MCC completer in this program will collect a present value of $702,300 in future earnings as a result of this education.

FIGURE J1: Lifetime Earnings Curve of Optical Systems Technology Program Completers compared to Control Group

FIGURE J2: MCC Optical Systems Technology Completers 2003-2014

Associates

Certificates

Earnings for CIP 14.0401

Earnings for Control Group

10

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

8

6

4

2

67

Average Annual Earnings ($K)

0

20

30

40

50

60

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Age

15

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