The Georgetown Center on Education and Workforce (CEW), an EMSI partner, has come out with preliminary projections that show that the demand for workers with postsecondary training will exceed supply unless the output of graduates from educational institutions increases. More initial findings from CEW’s research are on its website, with a PDF version also available.
Some of the other highlights: employment growth should start in 2011; and by 2018, 30 million new and replacement jobs will require some college or above. Also, the jobless rate for high school dropouts is 11% higher than the rate for those with a bachelor’s degree. This mirrors findings that were summarized in the Business Roundtable’s recent report on education and the workforce.
According to CEW, “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.”
CEW will soon be releasing its full report, “Jobs and Education Requirements through 2018.”