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Skilled Workforce and Economic Growth in Greater Cleveland

Join the Raymond Hart Seminar to learn about the need for a skilled workforce and its impact on economic growth in Greater Cleveland. Explore the cost-benefits of adult education programs and their economic impact. Engage in discussions and get answers to your questions.

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Skilled Workforce and Economic Growth in Greater Cleveland

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  1. Greater Cleveland’s Economy and a Skilled WorkforceRaymond Hart

  2. Seminar Overview • Skilled Workforce Need • Economic Growth Indicators • Adult Education Cost-Benefits Analysis • Economic Impact of Adult Education Programs • Questions & Answers

  3. Skilled Workforce Need • 34.1% of tested applicants lacked basic skills needed for job performance • 84.6% of testing firms did not hire skill- deficient applicants • 3.5% hired skill-deficient applicants and provided/assigned remedial training • 3% hired skill-deficient applicants and recommended voluntary training • 8.2% Other Source: American Management Association, American Management Association Research Survey: Corporate Concerns. American Management Association, New York, 2001 as cited in the National Institute for Literacy Workforce Education Fact Sheet retrieved June 2, 2007. Web site: http://www.nifl.gov/nifl/facts/facts_overview.html

  4. Skilled Workforce Need • 51.8% Cleveland Municipal School District students currently graduate • Cleveland currently 82 of 86 large cities in economic growth (Inc.com report of Bureau of Labor and Statistics Data, • 14.3% of Cleveland residents 25 and over hold a Bachelor’s Degree Completion (Rank 65 of 68) • 73.3% of Cleveland residents 25 and over hold a high school diploma (Rank 58 of 68) * Source: 2007 analysis of Bureau of Labor and Statistics data retrieved June 2, 2007 from Inc.com. Web site: http://www.inc.com/bestcities/index.html **Source: U.S. Census Bureau, American Community Survey 2003

  5. Income Gains by Education Level • Lifetime difference in earnings between a high school dropout and high school graduate: $260,000. • Difference in state and federal income tax contribution: $60,000. • Difference in local income tax contribution (assuming 2.5%) : $6500. Rouse, C.E. (2005 October). The labor market consequences of an inadequate education. In H.M. Levin (Chair). The social costs of inadequate education. Symposium conducted at the meeting of the Campaign for Educational Equity at the Teachers College, Columbia University.

  6. Reduction in Public Costs by Education Level • Lifetime difference in public costs between a high school dropout and high school graduate (or equivalent): $127,000. Levin, H., Belfield, C., Muennig, P., & Rouse, C. (2007 January). The costs and benefits of an excellent education for all of America’s children. Retrieved June 2, 2007, from Center for Benefit-Cost Studies of Education at Teachers College, Columbia University. Web site: http://www.cbcse.org/.

  7. Financial Impact of Adult Education Program on Anytown, USA • 2005-2006 GED Program Graduation • 43 GED graduates • $16,641,000 million in lifetime earned income • $2,580,000 million in lifetime federal and state taxes • $279,500 in local taxes • Total almost $20 million improvement in the lives of students and the community in one year

  8. Questions, Answers, & DiscussionThank You Contact: Raymond Hart 526 West Aurora Road, #129 Sagamore Hills, OH 44067 Phone: (330) 687-2485 Fax: (216) 674-2318 Email: rchart@kent.edu

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