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Building a Stronger Economy through Education

Oklahoma's public colleges and universities are moving forward to build a stronger economy. This article highlights the importance of education in the global economy of the 21st century and emphasizes the need for a well-educated and productive workforce. It also discusses the impact of education on individuals' lifetime earnings and employment outcomes. Additionally, the article showcases Oklahoma's rankings in higher education efficiency, college affordability, and STEM job growth. Lastly, it presents the Complete College America initiative and its goals to increase degrees and certificates in the state.

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Building a Stronger Economy through Education

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  1. Economic Development Essentials June 12, 2012

  2. Oklahoma’s Public Colleges and Universities are Moving Forward…

  3. We must assemble the tools and resources needed to build a stronger economy….

  4. Young adults in America today are expected to finish their formal education with fewer college credits than their parent’s generation

  5. “The cornerstone of our success in America has been the opportunity for the next generation to be better educated than the previous generation.”

  6. In The Global Economy of the 21st Century, 90 Percent of the Fastest-Growing Jobs Will Require a Higher Education. 2

  7. If Oklahoma is going to remain economically competitive, we must have the best educated and productive workforce that we can assemble.

  8. 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.

  9. State Per Capita Personal Income v. Share of Adult Population with Bachelor's Degree or Higher No state with a low proportion of Bachelor’s degrees has a highper 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 No state with a high proportion of Bachelor’s degrees has a lowper capita income.

  10. EDUCATION AND TRAINING PAY 140 80 0 20 40 160 100 60 120 0 5% 10% 15% PROFESSIONAL DEGREE $146,659 2.4 UNEMPLOYMENT RATE IN 2010 DOCTORATE DEGREE 1.9 $116,305 MASTER’S DEGREE 4.0 $87,913 BACHELOR’S DEGREE 5.4 $68,812 ASSOCIATE DEGREE ANNUAL SALARIES IN 2009 7.0 $49,835 SOME COLLEGE NO DEGREE $47,484 9.2 HIGH SCHOOL GRADUATE $39,937 10.3 LESS THAN HIGH SCHOOL $30,958 14.9 Source: Bureau of the Census; Bureau of Labor Statistics

  11. The Impact of Education on Individuals:Lifetime Earnings Education Level Estimated Lifetime Earnings Difference Compared to High School Graduate Less than 9th grade $976,350 -$478,903 High school dropout 1,150,698 -304,555 High school graduate 1,455,253 0 Some college, no degree 1,725,822 270,569 Associate degree 1,801,373 346,120 Bachelor's degree $2,567,174 $1,111,921 Master's degree 2,963,076 1,507,823 Doctorate 3,982,577 2,527,324 Professional degree 5,254,193 3,798,940 U.S. Department of Commerce-Economics and Statistics Administration-U.S. CENSUS BUREAU

  12. Employment Outcomes After One Year 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 89%Remain in the State 2008-09 Source: 2011 Employment Outcomes Report

  13. Link Academic Programs to the needs of Business • Healthcare, Allied Health and Nursing • Engineering • Aviation • Wind Turbine Technologies

  14. 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

  15. 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

  16. FallinForBusiness.com Perceptions of Oklahoma’s Business Climate Highest Ranked Business Climate Factors Affordable housing options for employees Recreational opportunities Access to supplies required to conduct business Career-Tech System Preparation for the workplace Quality of 2/4 year College/University system

  17. COMPLETE COLLEGEAMERICA • 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. 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;

  19. Economic Development Essentials June 12, 2012

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