I thought we could all use some good news about the prospects for college graduates.
Here are some early projections from the Georgetown University Center on Education and the Workforce.
The findings represent good news for the economy and bolster the White House vow to increase the number of postsecondary degrees awarded by 2020.
Employment growth is set to resume in 2011
According to a release from the Georgetown center:
We examined educational requirements for projected job growth and the findings are staggering: The percentage of the workforce requiring some college or above grew from 28% in 1973 to 59% in 2007 and is expected to increase to 62% by 2018. The demand for an increasingly skilled and educated workforce is growing steadily; unless we increase output from postsecondary institutions, the demand for college talent will exceed its supply.
In 1970, high school dropouts were three times as likely to be unemployed as degreed workers; today, high school dropouts are five times as likely to be unemployed as degreed workers. When the recession is over, most of the non-college jobs lost will not be coming back, and a growing share of new job openings will require some college.
The difference in unemployment rates between high school dropouts and those with a bachelor’s degree or above has increased from 7 percentage points to 11 percentage points in the last 12 months.
The Obama Administration is correct to invest now in increasing postsecondary education degrees. The recovery is coming and by our projections, the supply of college-educated workers will not meet the labor demand. This is not the time to disinvest in higher education.