It is an upsetting reality that the United States, which was once a world leader in higher education attainment, currently lags behind many developed countries in degree completion. The US Department of Education states that, “America used to be No. 1 in the world for the percentage of adults with college degrees but has recently slid to 16th.” And since an educated population is needed to maintain democratic strength, global competitiveness, and economic prowess, it is obvious why college attainment is an area worth focusing on.
The President is quite aware of the importance of higher education, and thus called for America to increase the share of postsecondary degree holders to 60 percent by the end of the decade.
Last week Arne Duncan, U.S. Secretary of Education, shared some exciting news with regard to America’s postsecondary performance, stating that, “the percentage of 25-34 year olds with some kind of postsecondary degree rose half a percentage point from 38.8 percent to 39.3 percent”.
While a half percentage-point increase may not seem like a substantial feat, CEOs for Cities research shows that small, tangible gains in college completion can have extremely large implications for the nation. CEOs for Cities’ Talent Dividend calculates the monetary value to cities and the nation of increasing college attainment rates by one percentage point. According to our most recent research, raising the national median of the top 51 metro areas from 29.4 percent to 30.4 percent would be associated with an increase in income of $124 billion per year for the nation. Thus, this half percentage-point increase in postsecondary degree achievement that Duncan recently spoke of has very exciting implications about national income levels and future city success.
While is it too early produce any official statement about the effect of this increase in national higher education attainment, CEOs for Cities is energized by this new finding and eager for official research to be conducted that tracks the value of this achievement.
