Increasing college attendance in Arizona would generate billions of dollars for the state economy, in addition to improving individual earning potential, per a new report.
"A more educated workforce leads certainly to more total income and more earnings. [There's] a definitive tie to more quality jobs, which leads to more economic diversity, and finally more socioeconomic balance and a healthier society," Greater Phoenix Economic Council president and CEO Chris Camacho said at a media event Wednesday.
The average Arizonan with an associate's degree will make $287,000 more over their lifetime than someone with only a high school diploma. That increases to $852,000 for bachelor's degree holders. A 20% increase in college enrollment would generate more than $5 billion per graduating class in lifetime social gains like increased work productivity and better health outcomes.
It would also result in a $1.8 billion tax revenue boost — the equivalent of about 15% of the state's 2022 general fund budget.The research also found that if non-white students completed college at the same rate as white students in Arizona, the state would see a tax revenue increase of $3.3 billion and social gains of $8.7 billion
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