Federal data clearly show that there has been a recent surge in the number of American college graduates putting the number of holders of a college degree at a new high. Similarly, there is also a rise in the number of graduates holding two-year college degrees, master’s degrees, and doctoral degrees in the United States.
The findings of the National Center for Education Statistics reveal that the year 2012 saw a record high in terms of college completion with more than 33.5% of 25- to 29-year old Americans with a bachelor’s degree. In 1995, the percentage was pegged at 24.7% while in 1975 it was 21.9%. The current surge can be attributed to higher college enrollment and improvements in the colleges themselves.
Good news
This current trend is good news for the future of the country, according to economists. Given the surge in college degree holders, more Americans are now qualified for higher paying jobs, and they are just in time for the recovery of the economy. During the recession, workers have taken refuge in college campuses when the job market was at a dismal state.
After more than 20 years of slow growth in the completion of college education, worries can finally be put to rest. Prior to this surge, the United States had fallen behind other countries and politicians including President Barack Obama himself saw it fit to raise the alarm.
New jobs
In the past decade, a number of new jobs emerged in the advent of the digital age and consequently, college attendance has increased. Given the demands required by these new positions, the wage gap between college degree holders and all the others had increased further.
The unemployment rate associated with the level of education completed by Americans clearly shows the value of a college degree. The rate of unemployment is 12% for high school graduates and 3% for college graduates.
Trends and variations
In the past decade, the rate of attainment of a bachelor’s degree has risen faster for young women than men. The rise was also more pronounced in Hispanics, blacks, and whites, but Asians do not share the same rise. This is probably because Asians already had the highest rate of college completion.
In terms of location, the percentage of people with a college diploma varies as well. Around 48% of Americans between the ages of 25 and 34 hold a college degree in the state of Massachusetts. In the state of Nevada, the percentage is at 20.4% for the same demographic. This set of data is from the National Center for Higher Education Management Systems.
Supply and demand
Nevertheless, according to Jamie P. Merisotis, Chief Executive of Indianapolis-based Lumina Foundation concerned with higher education, there are concrete signs for worry, since the demand for a highly-skilled workforce is still increasing and so much so that the rate that people are being educated still fall below what the demand requires. Apparently, the supply still falls short of the demand. Merisotis also highlighted the significance of 21st century education in meeting the demands of 21st-century economy and society.
Photo Credit: College graduates from Pittsburgh University
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