Bridges Fall 2017

Bridges is a quarterly review of regional community and economic development issues, projects and regulatory changes for practitioners from community-based organizations, as well as for Community Reinvestment Act officers, academics and government of

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I N D E X T H E F E D E R A L R E S E R V E B A N K o f S T . L O U I S | C E N T R A L T O A M E R I C A ' S E C O N O M Y F A L L 2 0 1 7 The Financial Diaries Authors Discuss Income Volatility 6 7 10 When Banks Work Together: Lessons from a CRA Association CDAC SPOTLIGHT Building Support for Affordable Housing in Louisville A N D M O R E > > Apprenticeships, Skilled Trades and Small-Business Creation By Andrew Pack R ecently, much has been written and policies have been put forth to increase apprenticeships in the United States with the goal of decreasing the skills gap in middle-skill occupations—jobs that require education beyond high school but do not necessarily require a four-year college degree. According to the National Skills Coalition, the demand for middle-skill jobs is stronger than the demand for low- and high-skill jobs. As college tuition costs continue to rise and the workforce continues to age, middle-skill jobs offer many people the opportunity to obtain some education beyond high school (e.g., a certification or associate degree) to improve their economic well-being without incurring the cost of a college education. According to Georgetown University's recent report, "America's Divided Recovery: College Haves and Have-Nots," 99 percent of all jobs created post-recession require more than a high school education. Of the 11.6 million jobs created after the Great Reces- sion, those requiring a high school educa- tion or less accounted for only 80,000 jobs. 1 Creating career pathways for individuals to gain certifications or on-the-job training such as apprenticeships and to improve overall educational attainment is critical to closing the middle-skills gap to provide a qualified workforce. e need has intensified post-recession and in the current tight labor market (Figure 1). According to the Labor Department's Employment and Training Administration, there were 505,371 individuals in apprentice- ship programs in 2016. ere are a number of certified apprenticeship programs available >> continued on Page 3 High-Skill Jobs High-Skill Workers Middle-Skill Jobs Middle-Skill Workers Low-Skill Jobs Low-Skill Workers 0% 10% 20% 30% 40% 50% 60% Jobs and Workers by Skill Level, United States, 2015 Middle-skill jobs account for 53 percent of the United States' labor market, but only 43 percent of the country's workers are trained to the middle-skill level. SOURCE: NSC analysis of Bureau of Labor Statistics Occupational Employment Statistics by State, May 2015, and American Community Survey data, 2015. 2017-middle-skills-fact-sheets/file/United-States-MiddleSkills.pdf FIGURE 1

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