Although the U.S. economy is showing some signs of improvement, the national unemployment rate remains above 9 percent and few are worrying about a future labor shortage in the country.
However, a new report from the Georgetown University Center on Education and the Workforce states that a shortage of college educated workers will impact the United States before 2020.
The report shows that by 2018, the U.S. economy will need 22 million new workers with college degrees, but is expected to be at least 3 million short. In addition, U.S. employers will need 4.7 million workers with postsecondary certificates, the report states.
According to the study, “Help Wanted: Projecting Jobs and Education Requirements Through 2018,” the economy will create 46.8 million total job openings with 13.8 million new jobs and 33 million “replacement jobs,” positions vacated by workers who have retired or permanently left their occupations by 2018.
“American needs more workers with college degrees, certificates and industry certifications,” said Anthony Carnevale, the center’s director. “If we don’t address this need now, millions of jobs could go offshore.”
The report says that 63 percent of all jobs will require a level of postsecondary education in 2018.
“America needs more workers with college degrees, certificates and industry certifications,” Carnevale said.
The study identifies six industries (information services, private education services, government and public education services, financial services, professional and business services and health care services) that will provide 40 percent of all jobs in 2018, and 75 to 90 percent of the jobs in those industries will require postsecondary education or training.
The report also said that 90 percent of the jobs in four the five fastest growing occupational clusters will require postsecondary education. Those occupational clusters are: health care professional and technical, scientific, technical, engineering, mathematic (STEM), community services and arts occupations and educational occupations.
The report was funded by the Lumina Foundation, the Bill and Melinda Gates Foundation, and the Ford Foundation.
For more information or to view the study visit http://cew.georgetown.edu.
