Analysis of the Return on Investment and Economic Impact of Education

TABLE 1.6: Jobs by major industry sector in Monroe County, 2014*

in courses for credit but did not complete a degree during the reporting year. The college offered dual credit courses to high schools, serving a total of 4,576 students over the course of the year. The college also served 1,043 basic education students and 111 personal enrichment students enrolled in non-credit courses. Students not allocated to the other categories – including non- degree-seeking workforce students – comprised the remaining 4,069 students. We use credit hour equivalents (CHEs) to track the educational workload of the students. One CHE is equal to 15 contact hours of classroom instruction per semester. In the analysis, we exclude the CHE production of personal enrichment students under the assumption that they do not attain knowledge, skills, and abilities that will increase their earnings. The average number of CHEs per student (excluding personal enrichment students) was 9.7. MCC serves Monroe County in New York. Since the college was first established, it has been serving Monroe County by enhancing the workforce, providing local residents with easy access to higher education opportunities, and preparing students for highly-skilled, technical professions. Table 1.5, on the previous page, summarizes the breakdown of the county economy by major industrial sector, with details on labor and non- labor income. Labor income refers to wages, salaries, and proprietors’ income. Non-labor income refers to profits, rents, and other forms of investment income. Together, labor and non-labor income comprise the county’s total income, which can also be considered as the county’s gross regional product (GRP). As shown in Table 1.5, on the next page, the total income, or GRP, of Monroe County is approximately $44.1 billion, equal to the sum of labor income ($26.4 billion) and non- labor income ($17.8 billion). In Chapter 2, we use the total added income as the measure of the relative impacts of the college on the county economy. Table 1.6 provides the breakdown of jobs by industry in Monroe County. Among the county’s non-government THE MONROE COUNTY ECONOMY

TOTAL JOBS

% OF TOTAL

INDUSTRY SECTOR

Agriculture, Forestry, Fishing, & Hunting

1,183 0.3%

Mining

650 0.1%

Utilities

1,060 0.2%

Construction

18,158 3.8%

Manufacturing

42,669 9.0%

Wholesale Trade

15,218 3.2%

Retail Trade

45,079 9.5%

Transportation & Warehousing

8,643 1.8%

Information

8,803 1.9%

Finance & Insurance

23,946 5.1%

Real Estate & Rental & Leasing

16,343 3.5%

Professional & Technical Services

35,196 7.4%

Management of Companies & Enterprises

12,371 2.6%

Administrative & Waste Services

28,648 6.1%

Educational Services, Private

33,331 7.0%

Health Care & Social Assistance

70,589 14.9%

Arts, Entertainment, & Recreation

10,246 2.2%

Accommodation & Food Services

28,375 6.0%

Other Services (except Public Administration)

22,972 4.9%

Government, Non-Education

21,568 4.6%

Government, Education

27,846 5.9%

Total

472,893 100.0%

* Data reflect the most recent year for which data are available. Emsi data are updated quarterly. Source: Emsi complete employment data.

industry sectors, the Health Care & Social Assistance sector is the largest employer, supporting 70,589 jobs or 14.9% of total employment in the county. The second largest employer is the Retail Trade sector, supporting 45,079 jobs or 9.5% of the county’s total employment. Altogether, the county supports 472,893 jobs. 4 4 Job numbers reflect Emsi’s complete employment data, which includes the following four job classes: 1) employees that are counted in the Bureau of Labor Statistics’ Quarterly Census of Employment and Wages (QCEW), 2) employees that are not covered by the federal or state unemployment insurance (UI) system and are thus excluded from QCEW, 3) self-employed workers, and 4) extended proprietors.

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