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College: The Best Option for An
Uncertain Future
Recently, the National Bureau of Labor
Statistics reported approximately 1.1 million new
jobs became available to college graduates, while
2 million jobs disappeared during the same time period
for non-college graduates.
During this same time period, the unemployment
rate averaged 2.9% among college graduates compared
to 5.9% for the nation overall. |
- An associate (2-year) or bachelor's (4-year)
degree is required for 12 of the 20 occupations
projected to grow the fastest between now and 2014.
- Nine of the 10 fastest-growing occupations
between now and 2014 (based on the percent of growth) are health or computer (information technology) occupations,
which often require post-high school education.
In fact, there is a direct link between
the income of most Americans and the education they
obtain:
On average, a college graduate
will earn about a million dollars more in his lifetime
than a high school graduate. |
- Manufacturing jobs, historically a mainstay of the Indiana economy, have been disappearing across the country and in Indiana in recent decades. In 1950, manufacturing's share of total employment in the United States was 33.1%. By 1989, it was down to 18.2% and by 2003, it was 10.7%. In Indiana where manufacturing jobs represented 41.3% of total employment back in 1965, the number had fallen to 20% by 2002 (and is projected to continue to decrease).
- Between 2002 and 2012, jobs in Indiana requiring some form of post secondary education are projected to grow between 11% and 37%, depending on the education level required (post secondary vocational training vs. doctoral degrees). For jobs requiring only work experience and/or on-the-job training, the rate of job growth is expected to be much slower - ranging from 3-7% in the same period.
- The average annual wage in 2004 for Indiana workers with varying degrees of education also differed greatly, ranging from $20,904 for those with only short-term on-the-job training to almost $110,000 for those with doctoral degrees. Hoosiers with a bachelor's degree earned $49,954 in 2004, on average. That's a difference of $29,050 per year between high school graduates and those with a bachelor's degree!” (Source: Indiana Department of Workforce Development.
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