New Report: Economic Benefits from Halving the Dropout Rate
Posted by on January 25, 2010
Reducing drop-outs by half: a stimulus in itself
The Alliance for Education has released a study with evidence that lowering the high school dropout rate would have important economic implications for the 45 largest metropolitan areas in the United States. In these cities, an estimated 600,000 students dropped out from the Class of 2008. If rates were reduced by half, these graduates would likely have bought homes worth $10.5 billion more than without a diploma, the report found. They would have supported 30,000 additional jobs and increased the gross regional product in their areas by up to $5.3 billion by the midpoint of their careers. They would have seen $4.1 billion in combined additional earnings in the average year, spent an additional $2.8 billion, and invested an additional $1.1 billion each year, boosting annual tax revenue by $536 million. They would have purchased an additional $340 million in vehicles. “The new findings from the Alliance for Excellent Education conclusively demonstrate that graduating from high school has significant positive economic and financial consequences for the business community and not just for the individual getting the education,” said Edward B. Rust Jr., chairman and CEO of State Farm. “Assuring that all of our students graduate from high school with the skills necessary to compete in a global economy is something all businesses — small and large — should see as a priority.”
See the report: http://www.all4ed.org/publication_material/EconMSA
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