The Economic Value of Main Report

Total MCC impact

The total economic impact of MCC on the MCC Service Area can be generalized into two broad types of impacts. First, on an annual basis, MCC generates a flow of spending that has a significant impact on the regional economy. The impacts of this spending are captured by the operations and student spending impacts. While not insignificant, these impacts do not capture the true purpose of MCC. The fundamental mission of MCC is to foster human capital. Every year, a new cohort of former MCC students adds to the stock of human capital in the region, and a portion of alumni continues to add to the regional economy. Table 3.7 displays the grand total impacts of MCC on the MCC Service Area economy in FY 2022-23. For context, the percentages of MCC compared to the total labor income, total non-labor income, combined total income, sales, and jobs in the MCC Service Area, as presented in Table 2.4 and Figure 2.7, are included. The total added value of MCC is $915.0 million , equivalent to 1.2% of the GRP of the MCC Service Area. By comparison, this contribution that the college provides on its own is nearly as large as the entire Agriculture, Forestry, Fishing & Hunting industry in the region. MCC ’s total impact supported 9,808 jobs in FY 2022-23. For perspective, this means that one out of every 70 jobs in the MCC Service Area is supported by the activities of MCC and its students.

Table 3.7: Total MCC impact, FY 2022-23

Total income (thousands)

Non-labor income (thousands)

Labor income (thousands)

Sales (thousands)

Jobs supported

Operations spending

$114,851

$13,900

$128,751

$199,459

1,597

Student spending

$8,812

$8,553

$17,365

$57,889

256

Alumni

$507,559

$261,297

$768,856

$1,533,683

7,955

Total impact

$631,222

$283,750

$914,972

$1,791,031

9,808

% of the MCC Service Area economy

1.3%

1.0%

1.2%

1.1%

1.4%

Source: Lightcast impact model

These impacts from the college and its students stem from different industry sectors and spread throughout the regional economy. Table 3.8 displays the total impact of MCC by each industry sector based on their two digit NAICS code. The table shows the total impact of operations, students, and alumni, as shown in Table 3.7, broken down by each industry sector’s individual impact on the regional economy using processes outlined earlier in this chapter. By showing the impact from individual industry sectors, it is possible to see in finer detail the industries that drive the greatest impact on the regional economy from the spending of the college and its students and from where MCC alumni are employed. For example, the spending of MCC and its students

The economic value of Monroe Community College

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