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Labor Market Demand for Bachelor’s Degrees Higher Education Coordinating Council

Labor Market Demand for Bachelor’s Degrees Higher Education Coordinating Council. Labor Market Statistics Center June 13, 2012. Labor Market Statistics Tools To Identify Higher Ed Occupations in Demand . The three tools are: Long Term Projections of jobs in demand

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Labor Market Demand for Bachelor’s Degrees Higher Education Coordinating Council

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  1. Labor Market Demand for Bachelor’s DegreesHigher Education Coordinating Council Labor Market Statistics Center June 13, 2012

  2. Labor Market Statistics Tools To Identify Higher Ed Occupations in Demand • The three tools are: • Long Term Projections of jobs in demand • Help Wanted OnLine TM Internet job ads • Expanded Supply/Demand model for short and long term analysis

  3. Tool #1: Long Term Projections of Jobs in Demand By Education Level • Employment counts by education level represent the number of jobs with a particular education requirement. This is not the education level obtained by employees working in the occupation. • Education requirements for occupations are based on training codes assigned by the Florida Department of Education (DOE) to each Standard Occupational Classification (SOC) Code/Title. • Florida DOE training codes were assigned to the national occupational employment projections for comparison purposes. • For occupations where multiple training levels can be sufficient for employment in an occupation (i.e. registered nurse), the employment data are counted in the lowest level of training required.

  4. 2011 Employment by Training Level Florida vs. the Nation • Florida’s employment with bachelor’s degrees and higher are similar to the nation Florida 2011 U.S. 2011 CC Cert. = Community College Certificate/Degree PSAV = Postsecondary Adult Vocational Certificate Source: Florida Department of Economic Opportunity, Labor Market Statistics Center, and U.S. Department of Labor, Bureau of Labor Statistics.

  5. 2011 Employment by Training Level • The vast majority of Florida and U.S. jobs do not require a bachelor’s degree Florida U.S. CCCV = Community College Credit/Vocational PSAV = Postsecondary Adult Vocational Certificate Source: Florida Department of Economic Opportunity, Labor Market Statistics Center, and U.S. Department of Labor, Bureau of Labor Statistics.

  6. Percent of Jobs Requiring a Bachelor’s Degree by Industry Florida 2011 • Education and health services has the highest percent of employment with bachelor’s degrees (39.0 percent) in Florida Source: Florida Department of Economic Opportunity, Labor Market Statistics Center, released October 2011.

  7. Number of Jobs Requiring a Bachelor’s Degree by Industry Florida 2011 • The number of bachelor’s degree occupations is highest in education and health services, professional and business services, self-employment, and government Source: Florida Department of Economic Opportunity, Labor Market Statistics Center, released October 2011.

  8. Employment by Training Level 2011 vs. 2019 • The proportion of bachelor’s degree occupations in Florida’s workforce will not change significantly between 2011 and 2019 Florida 2011 Florida 2019 CC Cert. = Community College Certificate/Degree PSAV = Postsecondary Adult Vocational Certificate Source: Florida Department of Economic Opportunity, Labor Market Statistics Center, Forecast to 2019, released October 2011.

  9. Florida Job Growth Rates by Training Level 2011-2019 • Jobs requiring a bachelor’s degree or higher are projected to grow among the fastest CCCV = Community College Credit/Vocational PSAV = Postsecondary Adult Vocational Certificate Source: Florida Department of Economic Opportunity, Labor Market Statistics Center, Forecast to 2019, released October 2011.

  10. Florida Job Growth by Training Level 2011-2019 • Jobs requiring a bachelor’s, master’s, or higher will have less numerical growth than other education levels CCCV = Community College Credit/Vocational PSAV = Postsecondary Adult Vocational Certificate Source: Florida Department of Economic Opportunity, Labor Market Statistics Center, Forecast to 2019, released October 2011.

  11. Percent Share of New Jobs by Training Level 2011-2019 • The proportion of new jobs that require a bachelor’s degree will be higher in the U.S. than in Florida Florida United States CCCV = Community College Credit/Vocational PSAV = Postsecondary Adult Vocational Certificate Source: Florida Department of Economic Opportunity, Labor Market Statistics Center, and U.S. Department of Labor, Bureau of Labor Statistics.

  12. Florida 2011 Wages by Training Level Source: Florida Department of Economic Opportunity, Labor Market Statistics Center, released October 2011.

  13. Highest-Paying Occupations Requiring a Bachelor’s Degree, Florida 2011 Source: Florida Department of Economic Opportunity, Labor Market Statistics Center, released October 2011.

  14. Bachelor’s Degree-Level Job Growth Rates by Major Occupational Group in Florida 2011-2019 Annual Percent Growth Florida Employment Growthby Major Occupational Group 2007-2015 Source: Florida Department of Economic Opportunity, Labor Market Statistics Center, Forecast to 2019, released October 2011.

  15. Bachelor’s Degree-Level Job Growth by Major Occupational Group in Florida 2011-2019 Annual Job Growth Florida Employment Growthby Major Occupational Group 2007-2015 Source: Florida Department of Economic Opportunity, Labor Market Statistics Center, Forecast to 2019, released October 2011.

  16. Fastest-Growing Occupations* Requiring a Bachelor’s Degree in Florida 2011-2019 Average Annual Wage *This table includes occupations with a minimum of 4,000 jobs in 2011 Source: Florida Department of Economic Opportunity, Labor Market Statistics Center, Forecast to 2019, released October 2011.

  17. Bachelor’s Degree Occupations Gaining the Most New Jobs in Florida 2011-2019 Average Annual Wage Source: Florida Department of Economic Opportunity, Labor Market Statistics Center, Forecast to 2019, released October 2011.

  18. Bachelor’s Degree Occupations Having the Most Annual Openings in Florida 2011-2019 Average Annual Wage Source: Florida Department of Economic Opportunity, Labor Market Statistics Center, Forecast to 2019, released October 2011.

  19. Top 20 Occupations in Florida Requiring a Bachelor’s Degree Ranked by Total Job Openings Source: Florida Department of Economic Opportunity, Labor Market Statistics Center, Forecast to 2019, released October 2011.

  20. Top 20 Occupations in Florida Requiring a Bachelor’s Degree* Ranked by Annual Growth Rate *Includes occupations with a minimum employment of 500 jobs in 2011 Source: Florida Department of Economic Opportunity, Labor Market Statistics Center, Forecast to 2019, released October 2011.

  21. Top 20 Occupations in Florida Requiring a Bachelor’s Degree Composite Ranking* *Composite ranking based on growth, openings, average and entry wages Source: Florida Department of Economic Opportunity, Labor Market Statistics Center, Forecast to 2019, released October 2011.

  22. Science, Technology, Engineering, and Mathematics* 2011 Employment: Florida vs. the Nation • Florida’s STEM vs. non-STEM percent of total employment closely follows that of the nation Florida 2011 U.S. 2011 Source: Florida Department of Economic Opportunity, Labor Market Statistics Center, and U.S. Department of Labor, Bureau of Labor Statistics.

  23. Science, Technology, Engineering, and Mathematics* Florida Job Growth Rates 2011-2019 • STEM jobs are projected to grow faster than non-STEM jobs in Florida Annual Percent Growth Source: Florida Department of Economic Opportunity, Labor Market Statistics Center, Forecast to 2019, released October 2011.

  24. Science, Technology, Engineering, and Mathematics* Fastest-Growing Occupations** in Florida 2011-2019 Average Annual Wage ** This table includes occupations with a minimum of 1,000 jobs in 2011 Source: Florida Department of Economic Opportunity, Labor Market Statistics Center, Forecast to 2019, released October 2011.

  25. Science, Technology, Engineering, and Mathematics* Occupations Gaining the Most New Jobs in Florida 2011-2019 Average Annual Wage Source: Florida Department of Economic Opportunity, Labor Market Statistics Center, Forecast to 2019, released October 2011.

  26. Tool #2: Help Wanted OnLineInternet Job Ads • Help Wanted OnLine (HWOL) is unduplicated job openings (ads) by occupation obtained by spidering technology • Source of job ads is The Conference Board • The Conference Board was established in 1916 and has been one of the leading private sector international economic forecasting firms with offices in New York City, Europe, and China • The Conference Board publishes economic data series including the Consumer Confidence Index and Leading Economic Indicators • The Conference Board has been publishing data on labor demand since the 1950s

  27. Benefits of Help Wanted OnLine • Currency (continuously updated) • Geographically comprehensive • Nation, State, MSA, County, City • Actual posted openings—not an estimate • Has proven to be a leading indicator • May include new and emerging occupations • Useful for keyword searches • Industry specific searches • STEM

  28. Additional Uses of Real-Time LMI • Drives education and training decisions for occupations in demand • Adds value to partnerships with economic development/education • New source of information for site selection consultants • Helpful information for education • Identifies economic recovery trends in cities and regions • Helps DEO and partners be proactive with news media • Timely information • Ready-to-go charts and tables • Allows career counselors to target employment opportunities by education level and salary • Supports supply/demand model with a real-time demand indicator • Provides an indicator of hard-to-fill job openings

  29. Real-Time LMI Help-Wanted OnLineBachelor’s Degree Occupations In Demand

  30. Real-Time LMI Help-Wanted OnLineSTEM Occupations In Demand

  31. Tool #3: Expanded Supply/Demand Model for • Short and Long Term Analysis • The indicators of potential labor supply by occupation are : • WIA training enrollees and completers • School District postsecondary vocational/technical enrollees and completers • Florida College System (formerly Community colleges) enrollees and completers • Commission on Independent Education - private education and workforce enrollees and completers • Florida Public University graduates • Jobseekers with known desired occupations • (real-time indicator)

  32. The indicators of occupational demand are: • For Short-Term Analysis • The Conference Board’s Help Wanted OnLine (HWOL) data series of monthly job ad openings • For Long-Term Analysis • Occupational Employment Statistics (OES) projected openings by occupation

  33. Other informational data available are: • Projected annual average occupational openings including entry, median and experienced wages • Targeted Occupations List (TOL) indicator • Enterprise Florida’s Targeted Industry Cluster indicator

  34. The timing for data updates for the Supply/Demand web application are: • WIA, Jobseekers and Help Wanted • OnLine job ads - Monthly • Public Education - Annually • Term-by-term coming soon • Private Education - Annually • OES Projections- Annually

  35. Data Caveats

  36. Data Caveats (Continued)

  37. Data Caveats (Continued)

  38. Florida Department of Economic Opportunity Labor Market Statistics Center Caldwell Building MSC G-020 107 E. Madison Street Tallahassee, Florida 32399-4111 Phone (850) 245-7257 Rebecca Rust Rebecca.Rust@deo.myflorida.com www.floridajobs.org/lmsc www.floridawages.com http://www.whatpeopleareasking.com/index.shtm

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