New report shows billions in economic gains for Florida through increased postsecondary education
TAMPA, Fla. – Increasing the number of students who pursue postsecondary education by 10% could inject $8.38 billion into Florida’s economy annually, according to a new study by Helios Education Foundation. Findings from the Florida’s Future Billions report suggest that increased access to higher education could also strengthen the workforce, enhance the quality of life for individuals, and reduce government spending, among others.
The report examines four scenarios that speak to the potential economic impact of improved access to postsecondary education: increasing college enrollment, increasing degree completion rates, increasing college readiness rates, and increasing racial parity in college enrollments. Each of these models demonstrates the potential for significant economic gains for the state.
“This report comes at a critical time when the value of college is being questioned around the country,” said Paul J. Luna, Helios Education Foundation President and CEO. “What we’ve always known to be true, and what this report underscores, is that the more Florida residents have some form of postsecondary education, the greater the economic benefit to them, their families, their communities, and certainly to the state overall.”
The report also highlights the economic benefits that different regions of the state could expect from residents attaining postsecondary education. The Orlando-Kissimmee-Sanford workforce region, for example, could expect to see a $762 million increase in economic value per year from just a 10 percent increase in college enrollment. The Tampa-St. Pete-Clearwater workforce region could see a $995 million increase, while the Miami-Fort Lauderdale-West Palm Beach region could experience the greatest boost with more than $2.4 billion in economic gains.
The regional economic gains outlined in the report are impacted by several localized factors, including community demographics, baseline educational attainment rates, the economic returns on going to college, and the local economy.
“Florida has one of the strongest and most affordable public college and university systems in the country. However, there are still significant economic benefits to further expanding access to postsecondary education,” added Paul Perrault, Senior Vice President of Community Impact and Learning at Helios Education Foundation. “To that end, our report offers recommendations for the state and business community to help increase college enrollment and completion rates, including investing in programs that better prepare high school students for college.”
Additional recommendations in the report include:
- reducing chronic absenteeism;
- encouraging more students to take advanced courses;
- improving access to information about college options;
- increasing state-funded grants and financial support for colleges and universities to make higher education more affordable;
- developing partnerships between public and private sectors across Florida to create more opportunities for students, especially in high-demand fields; and
- continuing to invest in systems and policies that help education leaders make informed decisions from K-12 through college.
To accompany the release of the report, the Florida College Access Network (FCAN) will launch a campaign this fall, in partnership with Helios Education Foundation, that raises awareness of the findings and promotes the need for greater access to higher education. FCAN is an organization dedicated to ensuring that every Floridian has the opportunity to pursue education beyond high school and secure a rewarding career.
More information on the Florida’s Future Billions report is available here.