Let’s take a closer look at how educational attainment generally influences earning potential.
Let’s take a closer look at how educational attainment generally influences earning potential. According to Office of Economic Opportunity (OEO) data, the correlation between education and wages in Yavapai County is significant compared to the average wage.
1. Less than a high school diploma: average salary $35,023
For those with less than a high school diploma, opportunities may be limited and the earning potential reflects this. Individuals in this category often find employment in entry-level positions in retail, hospitality or manual labor sectors.
2. High school graduates: average salary $48,263
A high school diploma unlocks slightly higher earning potential, as graduates may qualify for a broader range of jobs requiring basic educational credentials. These positions may include administrative roles, skilled trades or positions in customer service.
3. Some college or associate degree: average salary $50,078
Individuals with some college education or an associate degree see a modest increase in earning potential. This level of education opens doors to professions such as health care, technology and trades requiring specialized skills or technical training.
4. Bachelor’s degree: average salary $76,208
A bachelor’s degree significantly boosts earning potential in Yavapai County. Graduates with a four-year degree often pursue careers in education, business, engineering or health care, where advanced knowledge and critical thinking skills are valued.
5. Master’s degree: average salary $72,521
While slightly lower than the earning potential of bachelor›s degree holders, individuals with a master›s degree still command respectable salaries in Yavapai County. This level of education is often a prerequisite for entry level leadership roles in fields such as management, counseling or advanced health care professions.
6. Doctoral or professional degree: average salary $119,879
At the pinnacle of educational attainment, individuals with doctoral or professional degrees enjoy the highest earning potential in Yavapai County. Whether in law, medicine, academia or other specialized fields, these professionals are highly sought after for their expertise and often occupy leadership positions within their respective industries.
In March 2024, Yavapai County witnessed a notable decrease in its unemployment rate, dropping to 2.7% from 3.5% in February. This decline in unemployment underscores the resilience of the local economy and signals opportunities for job seekers.
Month Over Month (March 2024 vs. February 2024):
Despite a decrease in the unemployment rate, the private sector experienced a modest loss of 100 jobs, while the government sector saw an equal gain of 100 jobs. This position suggests a balancing act within the employment landscape, with fluctuations occurring across different sectors.
Year Over Year (March 2024 vs. March 2023):
On a broader scale, nonfarm employment in Yavapai County increased by 1,300 jobs compared to the previous year. The private sector added 700 jobs within this growth, reflecting ongoing expansion and investment in various industries. Similarly, the government sector saw an increase of 600 jobs, highlighting sustained public sector employment opportunities.
The correlation between education, wages and employment trends underscores the intricate interplay of socioeconomic factors driving the economy of Yavapai County. Higher education correlates with higher salaries and contributes to a skilled workforce capable of meeting the demands of a competitive job market. This, in turn, fuels economic growth and reduces unemployment rates, as evidenced by the recent decline to 2.7%.
The diversification of employment sectors, as indicated by the varying gains and losses in the private and government sectors, speaks to the county’s resilience and adaptability in the face of economic fluctuations. By fostering a robust education system, promoting workforce development initiatives, and supporting both private and public sector growth, Yavapai County continues to position itself as a focal point of opportunity and prosperity. QCBN
By Teri Drew
ARIZONA@WORK-Yavapai County is here to help you achieve your educational and employment goals. Contact us at 928-778-1422.
Teri Drew is the executive director of the Yavapai County Workforce Development Board.
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