College degrees in demand

Imagine nearly $4 billion in additional cash floating across metro Atlanta.

That’s how much more money in per-capita income the region could see if an additional 1 percent of its adults had college degrees, according to CEOs for Cities, an organization that researched the topic.

Mayor Shirley Franklin and some civic leaders are scheduled to meet this morning to begin brainstorming how to get more people through college. CEOs for Cities, a group that helps big cities to solve some of their most pressing challenges, will participate in the discussion. Atlanta is one of 25 cities the organization is visiting as part of its “Talent Dividend Tour.”

“If Atlanta is to attract jobs and compete globally, we must grow our pool of talent from within,” the mayor said.

College graduates typically earn higher salaries, studies show. The median income is $32,500 for a full-time worker with a high school diploma, according to 2007 figures from the U.S. Census Bureau. Americans with college degrees have a median income of $53,000, the data shows.

One-third of metro Atlanta residents age 25 and older have a bachelor’s degree or better, according to the American Community Survey. Forty-seven percent of city residents have a bachelor’s degree or better.

Franklin and others say more Atlantans graduating from college helps boosts the city’s economy. CEOs for Cities found Atlanta’s per-capita income could rise by nearly $400 million if the college graduation rate of its residents increased by just 1 percent.

“We know in these days and times that everybody needs a second piece of paper,” said Hosanna Johnson, president of the Atlanta Education Fund, which works to find ways to help the city’s school system. “It’s the right thing to do and it will have an economic benefit for our city.”

Atlanta, like most major American cities, is reeling through the ongoing recession. Since May, the city has permanently closed one fire station and temporarily closed another, cut back the work hours of police officers, closed nearly two dozen recreation centers and reduced other services.

Franklin has tried to assist young people interested in college through the Mayor’s Youth Program, which helps them find scholarships, internships and other assistance.

Atlanta native Bernard Saunders credited the program with helping him get into college. The 20-year-old Atlanta native, who grew up in a single-parent home, knew his mother couldn’t afford the tuition for his school of choice: Morehouse College. The program, he said, helped him find scholarships.

Saunders, a junior majoring in finance, said he plans on starting a financial literacy business once he graduates. He also wants to help his four nieces and nephew. Their parents didn’t go to college.

“I’m doing this, almost, for them,” Saunders said of his younger relatives.