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Category: City Dividends

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The Power of City Dividends

Change is happening across America from the bottom up. Read more about how cities and metro regions are shaping America's future at Code for America.

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Climbing the Income Ladder:

Earlier this week PEW released its most recent report: “Pursuing the American Dream Economic Mobility Across Generations”. Findings from the report state that, “While 84 percent of Americans have higher family incomes than their parents did at the same age, those born at the top and bottom of the income ladder are likely to stay there as adults.” However, in the section titled “Mobility by Education”, readers learn that obtaining a college degree just may be the necessary catalyst to help individuals climb the income ladder.

The report states that, “A four-year college degree promotes upward mobility from the bottom and prevents downward mobility from the middle and top”.

Key findings include:

• “47% of those raised in the bottom quintile of the family income ladder who do not earn a college degree are stuck there as adults, compared with 10% who do earn a college degree.”

• “Having a college degree makes a person more than three times more likely to rise from the bottom of the family income ladder all the way to the top”

• “39% raised in the middle of the family income ladder who do not get…

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Jobs for the Young and Restless:

Yesterday morning, June 26, 2012, McKinsey on Society hosted a live webinar, titled “Jobs for the Young and Restless”, discussing the topic of youth unemployment and global labor markets. The webinar was moderated by Peter Humi, Former Bureau Chief of CNN Paris, and featured a panel composed of: Richard Dobbs, Director of McKinsey Global Institute, Khadiga Fahmy, Program Manager of IFC’s Middle East and North Africa Division, and Henri-Bernard Solignac-Lecomte, Senior Economist for OECD.

Dobbs began the webinar with the statistic that globally, we’re short 90 million workers. Dobbs explained that the skills gap is leading to a more disparate economy as, “the unskilled are growing up poorer and the skilled richer”. Dobbs shared the encouraging statistic that, “1.1 billion jobs created in the last 30 years have taken 600 million people out of poverty”, but later explained that despite the growing workforce, due to a lack of proper degree attainment, McKinsey predicts a shortage of 38-40 million college-educated workers by 2020.

The notion that adults are entering the workforce without the proper skills and qualifications quickly became one of the main themes of the webinar.

According to Khadiga Fahmy, who added insight about education and…

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ICW’s State-Specific Postsecondary Ed. Report Cards: Continuing the Conversation about Higher Ed.

Yesterday, Tuesday June 19th, The Institute for a Competitive Workforce (ICW), held an event releasing the 3rd edition of its Leaders & Laggards series, A State-by-State Report Card on Public Postsecondary Education. The report analyzes the performance of different state public higher education systems and assigns letter grades to each state according to their outcome, identifying the best performers and those who have fallen behind. In addition to highlighting successful state practices, the report includes recommendations for what states performing poorly can do to improve select performance areas.
   The Leaders & Laggards Report grades states on:
      1. Student Access & Success
      2. Efficiency & Cost-Effectiveness
      3. Meeting Labor Market Demand
      4. Transparency & Accountability
      5. Policy Environment
      6. Innovation
The overall objective of the report is to “arm readers with information that gives them a clear-eyed view of how state systems of higher education compare with one another on a host of outcome, efficiency, and policy measures”.

Georgetown University’s Center on Education and the Workforce estimated that “by 2018 more than 60% of American…

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Why City Living Actually Costs Less

New geo-coded data from the Center for Neighborhood Technology on housing and transportation costs further affirms that living in dense, livable communities is economical.  According to an article on Atlantic Cities, from 2000-2009, housing and transportation costs increased at nearly twice the rate of incomes for the average American. Yet, for those in housing efficient locations, transportation costs only increased by half. Additionally, the data shows that when including transportation in the analysis of affordable housing, the percentage of neighborhoods considered “affordable” drops from 76 percent to 28 percent. When considering this data, which has far reaching policy implications, more expensive housing in city centers may actually be the more affordable option.

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