The quality of engineering in the United States will only be as good as the quality of the engineers doing it. The recruitment and retention of talented young people into engineering therefore need to be top national priorities, given the crucial importance of engineering to our prosperity, security, health, and well-being. Only 4.4 percent of the undergraduate degrees awarded by US colleges and universities are in engineering, compared with 13 percent in key European countries (the United Kingdom, Sweden, Finland, Denmark, Germany, and France) and 23 percent in key Asian countries (India, Japan, China, Taiwan, South Korea, and Singapore). In the past, the United States has been able to attract engineering graduate students and professionals from other countries to meet the need for engineering talent in the public and private sectors. But other countries are providing increasingly attractive opportunities for engineers, with excellent salaries, facilities, and economic growth potential. The United States can no longer assume that the best engineering talent in the world will want to come to this country. The Importance of Engineering Talent to the Prosperity and Security of the Nation is the summary of a forum held during the National Academy of Engineering's 2013 Annual Meeting. Speakers discussed the opportunities and challenges of creation and wise use of engineering talent, and made recommendations for recruitment and retention strategies. This report assesses the status of engineering education in the U.S. and makes recommendations to promote and improve engineering education.