Wanted: Educated U.S. Workers to Capitalize on Job Creation and Baby Boomer Retirement

Who says a college degree is a bad investment?  Arguments about student loans and their accompanying interest rates aside, the Georgetown University Center on Education and the Workforce has released a study that highlights the value of higher education (and simultaneously raises concerns about the future employability of many Americans). 

This nonprofit research and policy institute predicts that more jobs will be available for college graduates in 2020 than colleges and universities will likely turn out.  The nationwide projections look like this:

• Overall employment will grow from 140.6 million to 164.6 million between 2010 and 2020.
• By 2020, 65% of jobs will require a postsecondary degree.
• The U.S. will create 55 million new job openings by 2020.  Of these, 24 million will be for new jobs and 31 million will result from baby boomer retirement.
• There will likely be a shortage of 5 million workers with an education adequate to fill these positions.

In Connecticut, the study projections are as follows:

• By 2020, 70% of jobs in the state will require some postsecondary education.  26% will require a bachelor’s degree, and 16% will require a master’s degree or higher.
• Between 2010-2020, job openings will total 677,000, a 15% growth rate.
• There will likely be a 4% shortage of educated workers.

Georgetown predicts the following job openings in Connecticut by occupation:

Source: Recovery: Job Growth and Education Requirements Through 2020: State Report, p. 22.