RD89 - New Economy Workforce Credential Grant Annual Report 2019 – February 2020
The purpose of this report is to provide an annual review of FY 2019 activities of the New Economy Workforce Credential Grant to the General Assembly and the Virginia Board for Workforce Development as outlined in § 23.1-627.7 of the Code of Virginia.
Summary of Findings for FY 2019
In FY 2019, the Virginia Community College System and the Southern Virginia Higher Education Center offered training aligned to high-demand occupations and fields as identified by the Virginia Board for Workforce Development. Observations from the training program’s first year of implementation show that:
• Institutions offered training in eight high-demand occupational fields.
• Collectively, these institutions enrolled 7,150 students. Of those, 6,653 completed training and 4,839 reported a credential attained.
• The average student cost of the program was $672. The average state cost per credential attained was $1,606.
• Training completion rates averaged 94% and credential completion rates averaged 73%.
• The top 10 training programs accounted for more than 73% of credentials attained.
• Median earnings of student pre- and post-training completion increased in all occupational fields with the greatest median increases occurring in students earning less than $20,000 prior to enrollment.
During the 2016 session, the General Assembly passed HB 66 and SB 576, which established the New Economy Workforce Grant Program. This grant program, the first of its kind in the nation, provides a pay-for-performance model for funding noncredit workforce training that leads to a credential in a high-demand field. The program also includes requirements for students to complete the program in order to avoid paying additional costs. A summary of the major components of the program is included in the report. Additional information is available through the Code of Virginia.