Southern Indiana Business September-October 2020 | Page 11

employment with a bachelor’s degree surpassed employment with a high school diploma during the 2001 recession. The gap in employment between the two has been widening ever since, with high school diploma employment remaining relatively flat for the past 20 years. The data run counter to the narrative that we often hear play out among some pundits. “Not everyone needs to go to college” or “a college degree is not necessary anymore” are two of the familiar sounding phrases we hear. I am in no way suggesting that everyone should go to college. And indeed, not everyone needs to, or should go to college. Post-secondary credentials should be the focus, and this includes skilled trades. To suggest that a degree is no longer necessary, however, is disingenuous and counter to the evidence. While the current pandemic has introduced significant challenges for business and industry, one major hurdle predates the start of the pandemic, and that is the region’s college attainment rate. The area remains under the state average, and the state falls under the national average. Among all states, Indiana ranks 40th for residents with a college degree and 40th for graduate degrees. The five Southern Indiana Louisville Metro counties (Clark, Floyd, Harrison, Scott and Washington) rank 8th out of 15 Indiana metropolitan areas for the percent of the population 25 and older with a bachelor’s degree. For those with an advanced degree, the region ranks 9th out of 15. This shows up in economic statics such as average annual wages for jobs located in counties across Southern Indiana. The five counties rank second to last among all Indiana metro areas. Average annual wages of $41,485 is just above the Michigan City-LaPorte region of $41,438. Why is this? Very simple. Our college attainment rates are too low. While the current pandemic has introduced challenges that many have not seen in an entire lifetime, the region has an opportunity that can set it apart from other Indiana metro areas. Increasing college attainment rates will provide significant long-term payoffs and can help position the region for solid economic growth. No question about the progress we have made in economic development. Downtown revitalizations, riverfront development, River Ridge, and regionalism are just a few of the region’s successes. The one piece remaining is in talent development. Certainly, importing talent from the outside is one viable strategy, and quality of life improvements in the region have made the region more attractive to talent. Growing talent locally is also essential. The region needs a “war-time” effort and a united front to increasing postsecondary attainment rates. Two and fouryear degree gains, coupled with locational advantages of the region, will produce an economic powerhouse. Civic, economic, non-profit, and business leaders must unite, and rally the region on boosting post-secondary credential attainment. With a strong higher education infrastructure, the region has the capacity to produce the post-secondary credentials necessary for economic growth that will move the region up from the bottom in annual wages among Indiana metro areas. Prior efforts to boost attainment rates must be revitalized and renewed attention and focus on the post-secondary credential goal are essential. Success will only catapult the region’s economic success and quality of life for all. — Uric Dufrene is the Sanders Chair in Business at Indiana University Southeast. He’s contributed economic analysis to several area publications including the News and Tribune and Southern Indiana Business Source. He can be reached at [email protected]. September / October 2020 11