The Challenge We Face
Factor 5: Demand for college-educated workers to exceed supply
When the overall number of high school graduates drops, so will the number of college graduates — by about 12 percent in less than 10 years.
Source: Projections of High School Graduates (PDF), Minnesota Private College Research Foundation
At the same time the need for them will be increasing. Many fields that require college-educated workers expect strong growth. Fifteen of the 30 fastest-growing jobs between 2006 and 2016 will require at minimum a bachelor’s degree. Job growth is expected in industries such as architecture, engineering and applied sciences. Labor shortages already exist in some of these fields.
Source: Employment Projections: 2006-16 Summary, Bureau of Labor Statistics
With the Baby Boomers beginning to retire, the numbers of college graduates leaving the workforce each year will soon almost triple. We need to plan for new job growth as well. By 2015 we’ll be short almost 13,000 college graduates a year. It’s basic economics; supply won’t keep up with demand.
Source: Projections of High School Graduates (PDF), Minnesota Private College Research Foundation
