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Technical Schools & Colleges

Technical Schools & Colleges

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Executive summary

The Trade and Technical Schools industry has increased over the five years to 2022 due to improved disposable income and increased government funding. Favorable economic conditions have made tertiary education more affordable to more US households, leading to growth in demand for trade and technical education. However, in 2020, a sharp fall in consumer spending resulting from COVID-19 (coronavirus) outbreak caused students to defer their study plans because of restricted income. Further, the magnitude of hands-on experience involved in vocational training has contributed to the decrease in demand as industry operators can only offer their courses online amid the pandemic. To the industry's benefit, the rollout of COVID-19 vaccines has caused the pandemic to subside and the economy to return to normalcy starting in 2021. Overall, over the five years to 2022, IBISWorld expects industry revenue to rise an annualized 0.5% to $15.1 billion, including 0.3% growth in 2022 alone.
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industry revenue;

industry profit;

industry margin;

industry employment;

industry major players;

industry key external drivers;

industry product & structure segmentation;

industry key trends;

industry Life Cycle;

industry Geographic Breakdown;

industry Key Success Factors;

industry Key statistics for previous years;

forecast of industry Key statistics for the next 5 years;

Reference Wordlist

BARRIERS TO ENTRY
High barriers to entry mean that new companies struggle to enter an industry, while low barriers mean it is easy for new companies to enter an industry.

CAPITAL INTENSITY
Compares the amount of money spent on capital (plant, machinery and equipment) with that spent on labor.
IBISWorld uses the ratio of depreciation to wages as a proxy for capital intensity. High capital intensity is more than $ 0.333 of capital to $ 1 of labor; medium is $ 0.125 to $ 0.333 of capital to $ 1 of labor; low is less than $ 0.125 of capital for every $ 1 of labor.

CONSTANT PRICES
The dollar figures in the Key Statistics table, including forecasts, are adjusted for inflation using the current year (i.e. year published) as the base year. This removes the impact of changes in the purchasing power of the dollar, leaving only the "real" growth or decline in industry metrics. The inflation adjustments in IBISWorld’s reports are made using the US Bureau of Economic Analysis’ implicit GDP price deflator.

DOMESTIC DEMAND
Spending on industry goods and services within the United States, regardless of their country of origin. It is derived by adding imports to industry revenue, and then subtracting exports.

EMPLOYMENT
The number of permanent, part-time, temporary and seasonal employees, working proprietors, partners, managers and executives within the industry.

Colloquial Terminology

APPRENTICESHIP
A system of teaching a skill to a new generation of practitioners. Training is completed on the job while working for an employer who helps the individual learn the trade.

CAREER AND TECHNICAL EDUCATION (CTE)
Training for jobs that are based on manual or practical activities, traditionally nonacademic and related to a specific trade, occupation or vocation; also called vocational education.

TITLE IV PROGRAMS
A program authorized under Title IV of the Higher Education Act that is the major source of federal student aid. Title IV programs include loans, grants and federal work study.

Details

Over the five years to 2022, per capita disposable income has grown at an annualized rate of 1.7%, boosting demand for vocational education as it becomes affordable to more households. Moreover, growth in government funding has further enhanced the affordability of vocational education over the past five years. As most industry operators are nonprofit, additional government funding enables educational institutions to price their courses more affordable. As a result, demand for vocational education rises when the government provides more funds to vocational education providers. In 2020, industry demand is expected to fall due to an unprecedented fall in consumer confidence that caused students to postpone their study plans. However, in 2021, industry profit and revenue are expected to recover due to the mass immunization efforts.

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