As the debate over the value of a college degree continues across the country, a new report highlights how much Florida can gain by increasing college enrollment. Florida’s Future Billions report from Helios Education Foundation reveals that a 10% boost in Floridians pursuing postsecondary education could add an astounding $8.38 billion annually to the state’s economy.
“Florida is experiencing strong economic growth and business leaders all agree that postsecondary education or college is one of the key drivers,” said Paul Perrault, Ph.D., senior vice president at Helios Education Foundation. “When you go to college, the opportunities that you have are lifelong and really lead to better opportunities.”
The economic impact extends across Florida. For example, the Miami-Fort Lauderdale-West Palm Beach region is projected to gain as much as $2.4 billion annually, while the Tampa-St. Petersburg-Clearwater area could see nearly $1 billion in new economic activity from a 10% increase in enrollment.
“That’s money that’s circulating back into local businesses and services in the community,” added Perrault.” It’s not going to other states or overseas, it’s staying right here with the new jobs that we’re going to need.”
Florida’s economy wouldn’t be the only beneficiary. New students would also reap significant rewards. The report shows that students who earn a college degree, on average, make at least $1 million more over their lifetimes than those with only a high school diploma.
These findings testify to the strength of Florida’s elite higher education system, which was ranked No. 1 in the country by U.S. News & World Report for the eighth year in a row.
In addition to these clear financial benefits, the report highlights how greater access to higher education could strengthen Florida’s workforce, improve quality of life, and reduce state spending. Recommendations include expanding advanced coursework in high school, increasing grants to make college more affordable, and creating more partnerships between the public and private sectors to open pathways in high-demand fields.
Helios and the Florida College Access Network (FCAN) will launch a statewide campaign this fall, encouraging more Floridians to pursue postsecondary education and underscoring the lifelong benefits of a college degree for individuals, communities, and the state’s economy.
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