With 65% of jobs requiring a postsecondary credential, yet only 39% of Tarrant County adults possess an associate degree or higher, there is a high sense of urgency for regional stakeholders. Source: NSC, THECB, McKinsey & Company Workforce Supply and Demand
Supported by National research, graduates lacking a credential earn $1M less in lifetime earnings. This means for every Tarrant County graduating class, there is $12.8 billion in lost lifetime earnings.
The Texas economy increasingly depends on a highly educated workforce. By 2036, 71% of jobs in Texas will require a postsecondary credential. But only 32% of high school graduates earn a postsecondary credential within six years of graduating from high school. When compared with peer states, Texas comes in last in the percentage of its population with a postsecondary credential.
During the recovery period from January 2010 to January 2016, the U.S. economy added 11.6 million jobs. Of those jobs, 11.5 million went to workers with some college education. Of the 7.2 million jobs lost during the recession, workers with only a high school education or less lost 5.6 million and recovered only about 1 percent of the 11.6 million new jobs.
As of 2019, 77% of Tarrant County students in the 8th grade cohort do not earn a 2 - or 4 - year college degree. This trend intensifies to about 86% of those students who are economically disadvantaged. Source: THECB 2020 8th Grade Cohort report. Note: College enrollment and completion data are for Texas public higher education institutions only.
Meaningfully increasing postsecondary completion rates by 25% would lead to billions of dollars of economic impact in increased income and tax participation revenue. Per national research, an increase in the number of Tarrant County students earning a postsecondary credential per cohort amount to $34 million more in total state and local sales tax over the course of their life (@ 8.25% combined tax rate). THECB 2020 8th Grade Cohort report. Note: College enrollment and completion data are for Texas public higher education institutions only.
Education is more important than ever in today's economy.
The T3 Partnership aims to boost the current state-wide initiative for 60% of students to have a postsecondary credential by 2030. To achieve the 60 x 30 goal, Tarrant County needs to more than double the pace of degree attainment.