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Economic Development Essentials
June 12, 2012
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Oklahoma’s Public Colleges and
Universities are Moving Forward…
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We must assemble the We must assemble the tools and resources tools and resources
needed to build a needed to build a stronger economy….stronger economy….
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Young adults in America today are expected to finish their formal
education with fewer college credits than their parent’s generation
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“The cornerstone of our success in America has been the opportunity for the next
generation to be better educated than the previous
generation.”
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In The Global Economy of the In The Global Economy of the 2121stst Century, 90 Percent of the Century, 90 Percent of the
Fastest-Growing Jobs Will Fastest-Growing Jobs Will Require a Higher Education.Require a Higher Education.
In The Global Economy of the In The Global Economy of the 2121stst Century, 90 Percent of the Century, 90 Percent of the
Fastest-Growing Jobs Will Fastest-Growing Jobs Will Require a Higher Education.Require a Higher Education.
2
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If Oklahoma is going to remain economically competitive, we must
have the best educated and productive workforce
that we can assemble.
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Nationally, more than one-quarter (27.9 percent) of adults 25 and older
have a bachelor’s degree or more, compared to Oklahoma at 22.7
percent.
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State Per Capita Personal Income v. Share of AdultPopulation with Bachelor's Degree or Higher
No state with a low proportion of Bachelor’s
degrees has a high per capita income.
No state with a high proportion of Bachelor’s
degrees has a low per capita income.
States with high proportion of bachelors degrees
States with low proportion of bachelors degrees
Outlier state that has high income and low degree attainment
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PROFESSIONAL DEGREE
DOCTORATEDEGREE
MASTER’SDEGREE
BACHELOR’SDEGREE
ASSOCIATEDEGREE
SOME COLLEGENO DEGREE
HIGH SCHOOL GRADUATE
LESS THAN HIGH SCHOOL
0 20 40 60 80 100 120 140 16005%10%15%
ANNUAL SALARIES IN 2009
UNEMPLOYMENT RATE IN 2010
$146,659
$116,305
$87,913
$68,812
$49,835
$47,484
$39,937
$30,958
2.4
1.9
4.0
5.4
7.0
9.2
10.3
Source: Bureau of the Census; Bureau of Labor Statistics
14.911
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3,798,9405,254,193Professional degree
2,527,3243,982,577Doctorate
1,507,8232,963,076Master's degree
$1,111,921$2,567,174Bachelor's degree
346,1201,801,373Associate degree
270,5691,725,822Some college, no degree
01,455,253High school graduate
-304,5551,150,698High school dropout
-$478,903$976,350Less than 9th grade
DifferenceCompared to
High School Graduate
EstimatedLifetimeEarnings
Education Level
The Impact of Education on Individuals:Lifetime Earnings
U.S. Department of Commerce-Economics and Statistics Administration-U.S. CENSUS BUREAUU.S. Department of Commerce-Economics and Statistics Administration-U.S. CENSUS BUREAUU.S. Department of Commerce-Economics and Statistics Administration-U.S. CENSUS BUREAUU.S. Department of Commerce-Economics and Statistics Administration-U.S. CENSUS BUREAU 12
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2008-09
Percent of Oklahoma Residents Who Graduate with a Bachelor’s Degree Remain In the State and
are Employed In the State One Year After Graduation
Employment Outcomes After One Year
Source: 2011 Employment Outcomes Report
89%Remain in the
State
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Link Academic Programs to the needs of Business
•Healthcare, Allied Health and Nursing•Engineering•Aviation •Wind Turbine Technologies
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Nationally, Oklahoma is Ranked:
•8th in Higher Education Efficiency
•8th in College Affordability
•16th in STEM Job Growth
Source: “Enterprising States” – A Project of the US Chamber of Commerce and the National Chamber Foundation
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FallinForBusiness.com
Perceptions of Oklahoma’s Business Climate
“The Quality of our two/four year college and university system”
#1 Business Climate Strength in the State
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FallinForBusiness.com
Highest Ranked Business Climate Factors
Quality of 2/4 yearCollege/University
system
Access to supplies
required to conduct business
Career-TechSystem
Preparationfor the
workplace
Affordable housing options
for employees
Recreationalopportunities
Perceptions of Oklahoma’s Business Climate
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• Increase Degrees and Certificates by 1,700 per year.
• Increase Degrees Earned from 30,500 in 2011 to 50,900 in 2023.
• 67% Increase by 2023 18
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• For every state appropriated dollar spent on higher education in Oklahoma an additional $5.15 is pumped into the Oklahoma economy.
• The Oklahoma’s system of higher education will produce over $3.2 billion in growth in the state’s gross domestic product;
• Higher Education’s capital and construction spending are expected to add 23,750 jobs to the Oklahoma economy;
• By the end of the next decade, Oklahoma’s gross state product (GSP) will increase by $26.292 billion through higher education’s continued contribution to the economy;
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Economic Development Essentials
June 12, 2012