New Report Reinforces the Economic Value of Postsecondary Education
TAMPA, Fla., Oct. 22, 2024 -- A new report by Helios Education Foundation reveals that increasing access to postsecondary education by just 10% can significantly bolster economic growth, with annual potential gains of $8.38 billion in Florida alone. The findings from the Florida's Future Billions report underscore the critical role that postsecondary education plays in driving the state's long-term economic prosperity, among other societal and individual benefits.
A similar report released by Helios last year in Arizona shows annual projected economic gains of $5 billion for the state from an increase in postsecondary enrollment of 20%. These insights are crucial as states across the country work to position their economies competitively for future success by creating high-value, in-demand jobs and developing the talent to fill them.
"The economic future of any region is closely tied to the educational attainment of its residents," said Paul J. Luna, Helios Education Foundation President and CEO. "As the demand for highly skilled workers continues to grow, increasing the number of students going to college is essential to ensuring a competitive workforce. This research shows that every new high school graduate who pursues a college degree significantly contributes to economic growth across the board."
Furthermore, the report predicts substantial social economic gains for Florida's workforce regions. For example, the Tampa Bay area could see an economic boost of nearly $1 billion annually with increased college enrollment, while South Florida (Miami-Fort Lauderdale-West Palm Beach), with its unique economic challenges and opportunities, stands to gain as much as $2.4 billion in social economic gains.
"These regional gains are not just numbers on a page; they represent real opportunities for Florida to attract new business, foster innovation, and improve the standard of living for its residents," added Luna. "By investing in education today, we can secure a prosperous future with a workforce that is prepared to meet the demands of a dynamic economy."
The report outlines several strategies that could be adopted by Florida and other states to increase college enrollment and completion rates, ensuring a thriving economy:
- invest in postsecondary readiness programs;
- increase state-funded grants and financial support to make college more affordable;
- foster public-private partnerships to create more opportunities; and
- support data-driven educational policies.
"These recommendations are not just ideas; they have been proven to increase college enrollment and completion rates, particularly through investments in programs that better prepare high school students for higher education," added Paul Perrault, Senior Vice President of Community Impact and Learning at Helios Education Foundation.
For more information and access to the full report, click here.
Helios Education Foundation exists to support postsecondary attainment for all students, with a focus on low-income and underrepresented communities in Arizona and Florida. Since inception, and driven by our core beliefs of community, equity, investment, and partnership, we have invested more than $350 million in initiatives to improve third-grade reading, increase college enrollment, and boost postsecondary attainment in both states. Learn more at helios.org.
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