IP-Intensive Industries Skill Sets Are Focus of New Report
Washington, DC, December 5, 2013–Private sector institutions were responsible for awarding 23 percent of all the degrees and certifications required to earn jobs in IP-intensive industries in 2012. Three-quarters of these jobs are in STEM fields: technologists, technicians, and production workers that support scientists, engineers, and managers who research, develop, and manufacture innovative products and services. This data is in a new report released today by the Association of Private Sector Colleges and Universities (APSCU).
The report is authored by Nam D. Pham, Ph.D. Partner, ndp/analytics who will present its findings at the APSCU Inaugural Workforce Symposium on December 9-10 in Washington, DC, where stakeholders from business, government, academia and NGO’s will convene to address the skills gap in America’s future workforce.
The U.S. currently accounts for more than one-third of global research and development (R&D), most of which is contributed by private companies. In 2011, private R&D contributed to more than 1.4 million STEM related jobs. Empirical studies have shown that innovation — the process of turning an idea into a final product or service — is a key driver of economic expansion in both developed and developing countries, accounting for 80 percent of U.S. economic growth.
Other key findings in the report documents trends in enrollment at PSCU, such as:
The number of institutions, student enrollment, and degrees conferred by private sector schools has grown exponentially over the past decades in response to higher demand for the skills needed to enter the 21st century labor market or career advancement. About 13 percent of postsecondary enrollment is in private sector schools, which in 2012 conferred 32.5 percent of all postsecondary credentials and associate’s degrees, 7.4 percent of all bachelor’s degrees, and 9.5 percent of master’s or other advanced degrees.
Evidence shows a highly positive correlation between education, employment and earnings. In 2012, when the national unemployment rate reached a high of 8.1 percent, the unemployment rates for those without a high school diploma and those with one were 12.4 percent and 8.3 percent, respectively.
For those with some college and an associate’s degree, the unemployment rates were 7.7 percent and 6.2 percent, respectively. The unemployment rates were lower for those people who had earned a bachelor’s degree (4.5 percent), a master’s degree (3.5 percent), and a doctor’s degree (2.5 percent).
PSCUs open doors to many of the 9 million unemployed and 90 million undereducated Americans by providing a skills-based education. To remain competitive over the next decade, we must identify between 8 and 23 million new workers with postsecondary skills. PSCUs are a necessary part of that solution, having produced over 800,000 degrees last year alone.