Oklahoma economic report, 02/28/2012, v.2 no.2

              State Capitol Building, Room 217 • Oklahoma City, OK 73105 • (405) 521-3191 • www.treasurer.ok.gov
A publication of the Office of the State Treasurer • Treasurer Ken Miller, Ph.D.
Economic Report TM
Volume 2, Issue 2 • February 28, 2012
Oklahoma
News and analysis of Oklahoma’s economy
Inside
SEE SAVING PAGE 3
• Treasurer’s commentary:
Building better budgets
• Maximizing taxpayer dollars
• What they’re saying about
income tax proposals
• Oklahoma economy expands,
but . . .
• Moody’s declines credit
upgrade
• Appropriations authority set
Contributors
Regina Birchum, Deputy Treasurer
for Policy
Editor
Tim Allen, Deputy Treasurer for
Communications
The discussion on how to attract new
industries, business and jobs to the state
cannot be separated from the challenge
of meeting a growing demand for a
highly skilled and educated workforce.
The emerging employment trend
focuses on STEM jobs – those involving
science, technology, engineering and
math. While Oklahoma has made
significant strides, it still lags behind
the nation in the percentage of residents
who have attained post-secondary
education, especially in the STEM
related fields.
Recent census data shows 85 percent
of Oklahomans over the age of 25 have
a high school diploma. However, only
22.7 percent of that same demographic
have completed a college degree.
The earning power and opportunities
available to college graduates far
outweigh that of high school graduates.
In 2010, the unemployment rate for
those with a bachelor’s degree was half
that of high school graduates and their
lifetime earnings surpass those without
any level of post-secondary education
by more than $1 million.
If a policy goal is to produce more
college graduates to meet workforce
demands, raise per capita incomes
and increase the quality of life of our
citizenry, then policymakers must
address the obstacles to achieving that
goal. That is why the Oklahoma College
Savings Plan tax deduction was signed
into law by Governor Frank Keating.
Saving college savings
Source: U.S. Census Bureau, 2009
Adults with Bachelor’s Degree or more
“The deduction
was created not
to lower taxes,
but to meet the
policy objective of
higher educational
attainment.”
State
Bachelor’s
degree or
more
Advanced
degree or
more
Colorado
Kansas
U.S. Average
Texas
New Mexico
Missouri
Oklahoma
Arkansas
35.9 12.7
29.5 10.2
27.9 10.3
25.5 8.5
25.3 10.4
25.2 9.5
22.7 7.4
18.9 6.1
35.9%
29.5% 25.2%
25.3% 22.7% 18.9%
25.5%
Above Oklahoma
Below Oklahoma