The Demand for Four-year Degrees in Michigan Continues to Grow Rapidly
The Demand for Four-year Degrees in Michigan Continues to Grow Rapidly
I recently wrote about Michigan’s strong labor market forecast for workers with four-year degrees and above, citing several data sources that underscore the value of a bachelor’s degree in the years ahead. A prominent, frequently cited source that is Michigan-specific is the biennial “Hot 50 Jobs Outlook” produced by the Michigan Department of Technology, Management and Budget’s Center for Data and Analytics. The report’s forecast indicated that 37 of the 50 high-demand, high-wage occupations in the state through 2030 will require a four-year college degree or higher.
That’s good news when it comes to the return on investment of earning a four-year degree. But it gets even better.
An Even Sunnier Forecast
This week, the Michigan Center for Data and Analytics issued its latest forecast: Michigan’s Hot 50 Jobs Outlook through 2032. It highlights Michigan’s high-demand, high-wage careers that show a favorable mix of projected long-term job growth, projected annual job openings, and median wages through 2032. The data reveal the ever-growing demand for workers with bachelor's degrees in Michigan. The state forecasts that in the eight years ahead, a remarkable 42 of the top 50 occupations will require a bachelor’s degree or higher, a full 84%, up from 37 of the Hot 50 Jobs in the Center’s previous analysis.
That spells good news for our state’s young adults who are considering their postsecondary options. They—and their parents—can have confidence that a degree from a Michigan public university is going to pay strong dividends. And these rewards are not just financial in nature. The evidence that education pays can be measured in countless ways, the benefits of which span virtually every aspect of a bachelor degree earner’s life. Better health outcomes. Increased social mobility and job security. Higher levels of occupational satisfaction. Less reliance on government assistance. Higher levels of home ownership. Enhanced likelihood of perpetuating generational prosperity. Longer lives. The list goes on.
A New Day for College Affordability in Michigan
As I wrote in my prior post, the cost of attending a public university in Michigan has dramatically improved for the vast majority of students thanks to the new Michigan Achievement Scholarship. The scholarship provides up to $5,500 a year for students attending one of the state’s public universities, for up to five years; a total of $27,500. It is estimated that a full three-quarters of Michigan students will be eligible for the scholarship, which is based on financial need.
The Michigan Achievement Scholarship, when combined with federal aid (namely, the Pell Grant) and the more than $1 billion in financial aid collectively provided by Michigan’s public universities, puts the ability to earn a bachelor’s degree within reach for our state’s next generation.
These factors collectively underscore that investment in higher education at the baccalaureate level is a two-way partnership. Students investing in themselves by attending a public university remains one of the best ways for individuals to generate lifelong economic success and other benefits. And the state’s simultaneous investment in university affordability directly supports the needs of students and a strong Michigan economy. Together, both students and the state will reap the benefits of a strong bachelor's degree attainment effort.
Daniel Hurley is the Chief Executive Officer of the Michigan Association of State Universities