Apollo Group, Inc. (NASDAQ: APOL), parent company of University of Phoenix, today released a report examining the evolution of postsecondary educational attainment in America and its relationship to today’s growing employment “skills gap.” The report, “Education, Jobs and the American Dream: How We Got Here,” explores the growth of higher education between 1880 and 1980, how this growth led to the U.S. out-educating and out-performing the world, and the subsequent decline in the country’s position as compared to other participants in the global economy. This slowing of educational attainment by the U.S. has led to a collective loss of more than 100 million years of education in American society, according to analysis conducted by Apollo Group. The report also includes estimates of lost economic productivity and performance as calculated by McKinsey & Company in a 2009 report claiming hundreds of billions of dollars in lost GDP as a result of unrealized educational attainment.
“The generation before ours grew the U.S. economy on a firm foundation of quality education, collective ambition and worker productivity. We must renew our commitment to the ideals that once established the U.S. as a global education leader,” said Greg Cappelli, Apollo Group Chief Executive Officer and editor of the report’s content, which includes interviews with prominent U.S. business leaders. “Today’s workforce is not adequately prepared with the skills they need, which has led to a growing skills gap and left many employers with open jobs despite the persistent rate of unemployment.”
Education, Jobs and the American Dream: How We Got Here is available at www.apollogrp.edu/workforce.
About Apollo GroupApollo Group, Inc. is one of the world's largest private education providers and has been in the education business for more than 35 years. The Company offers innovative and distinctive educational programs and services both online and on-campus at the undergraduate, master and doctoral levels through its subsidiaries: University of Phoenix, Apollo Global, Institute for Professional Development and College for Financial Planning. The Company's programs and services are provided in the U.S.; Puerto Rico; Latin America; and Europe, as well as online throughout the world. For more information about Apollo Group, Inc. and its subsidiaries, call (800) 990-APOL or visit the Company's website at www.apollogrp.edu.