Friday, April 20, 2012

Startup America Encourages Entrepreneurship for New Grads

This week, USA Today reported on entrepreneurship-focused opportunities for college students and new graduates. The article notes that on average, entrepreneurs are roughly 43 years of age when they launch companies. Reasons cited that younger workers are less likely to pursue entrepreneurial opportunities include lack of access to capital and concerns about student loan repayment. Initiatives such as Venture for America and Startup America are providing internships, workspace, funding, and other resources in an effort to develop more young entrepreneurs.

Young adults in the U.S. are looking at a mixed job picture. The latest survey of corporations by the National Association of Colleges and Employers shows that plans to hire new graduates increased by 10 percent between 2011 and 2012. However, just 54 percent of 18- to 24-year-olds nationwide were employed in March. That's the lowest rate since the U.S. Department of Labor began collecting the data in 1948. More details are available in the full article.

On a related note, yesterday our State Employment Economist Nick Beleiciks contributed to a conversation about youth unemployment on the Oregon Public Broadcasting program Think Out Loud. The unemployment rate for Oregonians between the ages of 16 and 24 was 18.8 percent in 2010, far above the unemployment rate for the total population. A summary and the full podcast are available from OPB.

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