Michael Whalen, M. Ed.’s Post

Insightful article about the decline in college admissions/graduates/college closures/consequences for the economy, etc. "The diminishing supply of young people will contribute to 'a massive labor shortage,' with an estimated 6 million fewer workers in 2032 than jobs needing to be filled, according to the labor market analytics firm Lightcast." https://lnkd.in/gpViCYNV

The demographic cliff is something many countries and economies will have to, if not already, deal with. This issue also brings challenges to the future workforce because employers will turn to technology to balance the reduced workforce. Therefore, current students need to consider the skill, knowledge, and experience requirement for that future and not what we currently see or understand. #demographiccliff #highered #future #employment U.S. colleges face enrollment drop, fewer high school seniors : NPR https://lnkd.in/g7HrKKVz

In case you missed this article today, there are huge implications for the nation with the demographic changes. " ... But the likely closing of more colleges is by itself a threat to the economy. Nearly 4 million people work in higher education, the National Center for Education Statistics reports. Though the most imperiled colleges tend to be small, each one that closes translates to, on average, a loss of 265 jobs and $67 million a year in economic impact, according to the economic software and analysis company IMPLAN. While the falloff in the number of 18-year-olds has been largely characterized as an existential crisis for colleges and universities, the implications are much broader. “It’s a problem for our country,” said Catharine Bond Hill, an economist, former president of Vassar College and managing director of the higher education consulting firm Ithaka S+R. The United States has fallen to ninth among developed nations in the proportion of its population with some education after high school, according to the Organization for Economic Co-operation and Development, Hill pointed out. “We should be aiming for Number 1, and we’re not,” she said. “In an economy that depends on skilled labor, we’re falling short.” The diminishing supply of young people will contribute to “a massive labor shortage,” with an estimated six million fewer workers between now and 2032 than there are jobs needing to be filled, according to the labor market analytics firm Lightcast." The Hechinger Report #studentsuccess #educatedpopulace Ruffalo Noel Levitz Western Interstate Commission for Higher Education

Demographers say it will finally arrive in the fall of this year. That’s when recruiting offices will begin to confront the long-anticipated drop-off in the number of applicants from among the next class of high school seniors. But the downturn isn’t just a problem for universities and colleges. It’s a looming crisis for the economy, with fewer graduates eventually coming through the pipeline to fill jobs that require college educations.

https://lnkd.in/gWQUdrWK But the downturn isn't just a problem for universities and colleges. It's a looming crisis for the economy, with fewer graduates eventually coming through the pipeline to fill jobs that require college educations, even as international rivals increase the proportions of their populations with degrees.

Nice work by Jon Marcus. Many powerful points throughout the article. --> "But the downturn isn't just a problem for universities and colleges. It's a looming crisis for the economy, with fewer graduates eventually coming through the pipeline to fill jobs that require college educations, even as international rivals increase the proportions of their populations with degrees." --> Far fewer 18 yr-olds entering higher ed each year. "By 2039, this estimate shows, there will likely be 650,000, or 15%, fewer of them per year than there are now." --> "it means there are already 2.7 million fewer students than there were at the start of the last decade." --> "The diminishing supply of young people will contribute to "a massive labor shortage," with an estimated 6 million fewer workers in 2032 than jobs needing to be filled, according to the labor market analytics firm Lightcast." --> "A scarcity of labor is already complicating efforts to expand the U.S. semiconductor industry... It's a major reason that production at a new $40 billion semiconductor processing facility in Arizona has been delayed, according to its parent company." --> "It's kind of a remarkable moment in our history," says Luke Jankovic, an executive vice president and general manager at Lightcast. "We have a lot of people moving from economic producers to economic consumers, and there just aren't enough people coming up behind them to replace them."

"But the downturn isn't just a problem for universities and colleges. It's a looming crisis for the economy, with fewer graduates eventually coming through the pipeline to fill jobs that require college educations, even as international rivals increase the proportions of their populations with degrees. 'The impact of this is economic decline,' Jeff Strohl, director of the Georgetown University Center on Education and the Workforce, says bluntly..." Important new reporting from Jon Marcus

College closures expected to spike amid ‘unprecedented fiscal challenges,’ Fed research finds. To all of my higher education friends, it's past time to take significant action to correct your institution's trajectory. Difficult decisions need to be made for the sake of your institution's sustainability. Please don't hesitate to reach out if you ever need a thinking partner to ideate on viable solutions. That's what I do for a living. More from the article: Most people believe in the value of college, and institutions of higher education have generally weathered significant financial challenges throughout history. However, a new study found that the number of colleges set to close in the next five years is expected to spike. Higher education, as a whole, is “facing serious financial headwinds, both due to long-term trends and to the post-pandemic recovery,” according to a working paper by the Federal Reserve Bank of Philadelphia. “Colleges and universities are facing unprecedented fiscal challenges in today’s economic climate,” the Fed researchers wrote. At least 20 colleges closed in 2024, and another nine schools announced they will close in 2025, according to the latest tally by Implan, an economic software and analysis company. In the worst-case scenario, as many as 80 additional colleges would shut down from 2025 to 2029, according to the Fed analysis. College enrollment is down. Not only are fewer high schoolers enrolling in college immediately after graduation, but the overall population of college-age students is also shrinking, a trend experts refer to as the “enrollment cliff.” “One key challenge is declining enrollment, as the number of students enrolled in degree-granting colleges and universities fell by 15% from 2010 to 2021,” the Fed researchers said. These days, only about 62% of high school seniors in the U.S. immediately go on to college, down from 68% in 2010, government data shows. Those who opt out are often low-income students who increasingly feel priced out of a postsecondary education. #highered #highereducation #enrollmentcliff #demographics #mergers, #failures #revenue #decliningrevenue #college #university #communitycollege #students #collegestudents #change https://lnkd.in/gNV-wTzp

One of the biggest threats that businesses currently face is the lack of talent available to accomplish strategic goals. The US birth rate has declined significatly since 1960, and college enrollment declined 15% between 2010 and 2021 - before the "enrollment cliff" that colleges are now facing. The declining birth rate means fewer students going directly into the workforce after high school, and fewer going to college. If you've ever attended one of my trends programs, you know I've been sounding this alarm for a number of years! This article really sums up a lot of the data that we're seeing, and bringing to our Stambaugh Ness clients as we collaborate with them to develop strategies for a virbrant future. https://lnkd.in/eEqc-MGq

A "demographic cliff" is approaching, with fewer college-aged individuals leading to decreased enrollments and graduates. This trend challenges higher education and the workforce dependent on skilled graduates. U.S. college enrollment fell by 3.4% in 2020. Addressing this issue needs strategic planning and innovative recruitment. https://lnkd.in/dfgDx5xA #DemographicTrends