Monroe Community College Program Based Economic Impact Analysis, January 2015
HEATING, VENTILATION, & AIR CONDITIONING (HVAC) PROGRAM
TABLE K1: 2014 Economic Impact of MCC’s Heating, Ventilation, & Air Conditioning (HVAC) Program Field Value ($K) Total Economic Impact in 2014 $19,967 Initial Effect $11,924 Direct Effect $1,643 Indirect Effect $337 Induced Effect $6,063 TABLE K2: Metrics per Worker for MCC’s Heating, Ven- tilation, & Air Conditioning Program Field Value Number of Completers in Workforce in 2014 243 Annual Economic Impact Per Completer $82,200 Estimated Lifetime Earnings Per Completer $682,300
In 2014, completers of MCC’s Heating, Ventilation, & Air Conditioning (HVAC) program generated an estimated $20 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 busi- nesses. As of 2014, there are 243 MCC completers in the workforce who achieved some credential in this field (either a postsecondary vocational award or an associate’s degree). Whether employed in their field or in another field, these students generate an annual economic impact of $82,200 per person. In present value terms, an average MCC completer in this program will collect a present value of $682,300 in future earnings as a result of this education.
FIGURE K1: Lifetime Earnings Curve of Heating, Ventila- tion, & Air Conditioning (HVAC) compared to Control Group
FIGURE K2: MCC Heating, Ventilation, & Air Condition- ing (HVAC) Completers 2003-2014
Earnings for CIP 15.0501
Earnings for Control Group
$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 .
Made with FlippingBook - Online catalogs