22 Chapter 2: Economic value of individual programs 2021-22 in the regional workforce as a direct result of their education, the increased output of businesses that employ these students, and the multiplier effects that occur. Student return on investment To earn a degree in the program, students experience costs in the form of tuition and fees, books and supplies, and the opportunity cost of attending school instead of working. In return for this investment, students can earn higher wages. For every dollar students invest in their education in the program, they will receive $4.1 back over the course of their working lives. This investment can also be seen in terms of a rate of return of 16.1%. This is an impressive return, especially when compared to the U.S. stock market 30-year average return of 9.6%. Taxpayer benefits Taxpayers will receive an estimated present value of $5.2 million in added tax revenue stemming from the students’ higher lifetime earnings and the increased output of businesses. Savings to the public sector add another estimated $375.4 thousand in benefits due to a reduced demand for government-funded social services in New York. Throughout the FY 2021-22 students’ working lives, New York taxpayers will receive a total of $5.6 million in present value benefits. Throughout the FY 2021-22 students’ working lives, New York taxpayers gain in added tax revenue and public sector savings $5.6 million Lifetime earnings of a program graduate compared to a high school graduate*1 *Earnings of a program graduate are weighted by the number of SUNY WCC’s Engineering and Advanced Manufacturing program associate degree, certificate, and workforce course completions. High school graduate Program graduate Annual earnings Age (years) 30 34 36 38 40 42 44 46 48 50 32 28 52 54 56 58 60 62 64 66 $40,000 $30,000 $20,000 $10,000 $0 $50,000 $60,000
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