The Economic Value of WTAMU Main Report

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Together, labor and non-labor income comprise the region’s total income, which can also be considered as the region’s gross regional product (GRP). As shown in Table 1.3, the total income, or GRP, of the Texas Panhandle is approximately $25 billion, equal to the sum of labor income ($14 billion) and non-labor income ($11 billion). In Chapter 2, we use the total added income as the measure of the relative impacts of the university on the regional economy. Figure 1.4 provides the breakdown of jobs by industry in the Texas Panhandle. Among the region’s non-government industry sectors, the Retail Trade sector is the largest employer, supporting 26,406 jobs or 9.6% of total employment in the region. The second largest employer is the Manufacturing sector, supporting 25,668 jobs or 9.3% of the region’s total employment. Altogether, the region supports 275,578 jobs. 6 FIGURE 1.4: JOBS BY MAJOR INDUSTRY SECTOR IN THE TEXAS PANHANDLE, 2018* 0 5,000 10,000 15,000 20,000 25,000 30,000 Retail Trade Manufacturing Agriculture, Forestry, Fishing & Hunting Health Care & Social Assistance Government, Education Accommodation & Food Services Government, Non-Education Finance & Insurance Construction Mining, Quarrying, & Oil and Gas Extraction Other Services (except Public Administration) Transportation & Warehousing Administrative & Waste Services Real Estate & Rental & Leasing Wholesale Trade Professional & Technical Services Arts, Entertainment, & Recreation Information Utilities Educational Services Management of Companies & Enterprises 100+100+100+100+100+100+100+100+100+100+100+100+100+100+100+100+100+100+100+100+100 100+97+89+82+74+69+68+67+64+61+59+37+35+34+34+33+12+8+7+6+5 * Data reflect the most recent year for which data are available. Emsi data are updated quarterly. Source: Emsi employment data. 6 Job numbers reflect Emsi’s complete employment data, which includes the following four job classes: 1) employees who are counted in the Bureau of Labor Statistics’ Quarterly Census of Employment and Wages (QCEW), 2) employees who 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. Chapter 1: Profile of West Texas A&M University and the Economy 18
Table 1.4 and Figure 1.5 present the mean earnings by education level in the Texas Panhandle and the state of Texas at the midpoint of the average-aged worker’s career. These numbers are derived from Emsi’s complete employment data on average earnings per worker in the region as well as the earnings calculated by using the occupations in the Alumni Outcomes data. 7 The numbers are then weighted by the university’s demographic profile. As shown, students have the potential to earn more as they achieve higher levels of education compared to maintaining a high school diploma. Students who earn a bachelor’s degree from WTAMU can expect approximate wages of $55,000 per year within the Texas Panhandle, approximately $25,500 more than someone with a high school diploma. TABLE 1.4: AVERAGE EARNINGS BY EDUCATION LEVEL AT A WTAMU STUDENT’S CAREER MIDPOINT Education level Regional earnings Difference from next lowest degree State earnings Difference from next lowest degree Less than high school $22,500 n/a $23,100 n/a High school or equivalent $29,500 $7,000 $30,300 $7,200 Associate degree $38,300 $4,500 $39,300 $4,600 Bachelor’s degree $55,000 $16,700 $57,500 $18,200 Master’s degree $65,500 $10,500 $68,000 $10,500 Doctoral degree $83,500 $18,000 $85,700 $17,700 Source: Emsi employment data and WTAMU Alumni Outcomes. FIGURE 1.5: AVERAGE EARNINGS BY EDUCATION LEVEL AT A WTAMU STUDENT’S CAREER MIDPOINT Regional earnings State earnings $0 $10K $20K $30K $40K $50K $60K $70K $80K $90K < HS HS Associate Bachelor's Master's Doctorate 26+34+45+64+76+97 27+35+46+67+79+100 Source: Emsi employment data and WTAMU Alumni Outcomes. 7 Wage rates in the Emsi MR-SAM model combine state and federal sources to provide earnings that reflect complete employment in the state, including proprietors, self-employed workers, and others not typically included in regional or state data, as well as benefits and all forms of employer contributions. As such, Emsi industry earningsper-worker numbers are generally higher than those reported by other sources. Chapter 1: Profile of West Texas A&M University and the Economy 19
Page 1 and 2: AUGUST 2019 The Economic Value of W
Page 3 and 4: Executive Summary This report asses
Page 5 and 6: created by WTAMU is equal to approx
Page 7 and 8: Investment Analysis Investment anal
Page 9 and 10: Introduction West Texas A&M Univers
Page 11 and 12: CHAPTER 1: Profile of West Texas A&
Page 13 and 14: WTAMU employee and finance data TAB
Page 15 and 16: When using the Alumni Outcomes data
Page 17: The Texas Panhandle economy WTAMU s
Page 21 and 22: IN this chapter, we estimate the fo
Page 23 and 24: Operations spending impact Faculty
Page 25 and 26: the next four rows under the sectio
Page 27 and 28: non-labor income. This sums togethe
Page 29 and 30: ing impacts. Again, since construct
Page 31 and 32: of employees reported for each comp
Page 33 and 34: Calculating the increase in income
Page 35 and 36: the retained students, we estimate
Page 37 and 38: Alumni impact In this section, we e
Page 39 and 40: income is the difference between th
Page 41 and 42: Once these allocations are complete
Page 43 and 44: These impacts, stemming from spendi
Page 45 and 46: Student perspective To enroll in po
Page 47 and 48: their full earning potential that t
Page 49 and 50: Linking education to earnings Havin
Page 51 and 52: As shown in Table 3.2, the $44.6 mi
Page 53 and 54: Price Index), the corresponding nom
Page 55 and 56: We apply another reduction factor t
Page 57 and 58: TABLE 3.3: PRESENT VALUE OF ADDED T
Page 59 and 60: Social perspective Texas benefits f
Page 61 and 62: to income assistance amount to $1.5
Page 63 and 64: money spent on operations of the un
Page 65 and 66: WHILE WTAMU’s value to the Texas
Page 67 and 68: Buss, Christian, Jeffrey Parker, an
Page 69 and 70:
Jaeger, David A. and Marianne E. Pa
Page 71 and 72:
Ogden, Cynthia L., Molly M. Lamb, M
Page 73 and 74:
U.S. Department of Health and Human
Page 75 and 76:
Based on this sensitivity analysis,
Page 77 and 78:
• Scenario 1: Increasing the perc
Page 79 and 80:
Retained student variable The retai
Page 81 and 82:
Economics Study of the allocation o
Page 83 and 84:
Appendix 3: Frequently Asked Questi
Page 85 and 86:
money” is called discounting and
Page 87 and 88:
Appendix 5: Emsi MR-SAM Emsi’s MR
Page 89 and 90:
Census’ Current Population Survey
Page 91 and 92:
The matrices are built utilizing Em
Page 93 and 94:
Appendix 6: Value per Credit Hour E
Page 95 and 96:
economics. Those critical of the Mi
Page 97 and 98:
Appendix 8: Overview of Investment
Page 99 and 100:
10 years from today given the going
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Appendix 9: Shutdown Point The inve
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Consider benefits now with referenc
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Appendix 10: Social Externalities E
Page 107 and 108:
y education, gender, and ethnicity.
Page 109:
weighted heavily towards the less t
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