Report: College Creates Value
March 11, 2024 - 03:24 PM
ºÚÁϵ¼º½ added $1.5 billion in income – a value approximately equal to 2.5% of the region’s total gross regional product – to the service region economy in 2021-22, according to a recently released economic impact report.
The analysis was conducted by Lightcast, a labor analytics firm. For the purposes of the analysis, the ºÚÁϵ¼º½ Service Region is comprised of the following ZIP codes: 91010, 91702, 91706, 91722, 91723, 91724, 91740, 91741, 91744, 91746, 91745, 91748, 91750, 91765, 91766, 91767, 91768, 91773, 91789 @ºÚÁϵ¼º½, and 91790.
The analysis also determined that the activities of Mt. ºÚÁϵ¼º½ and its students support
one out of every 31 jobs in
the Mt. ºÚÁϵ¼º½ service region.
Other highlights of the report:
Mt. ºÚÁϵ¼º½ employed 1,672 full-time and part-time faculty and staff. Payroll amounted to $240.2 million, much of which was spent in the region for groceries, mortgage and rent payments, dining out, and other household expenses. The college spent another $157.7 million (excluding construction) on day-to-day expenses related to facilities, supplies, and professional services.
- The net impact of the college’s operations spending added $269.3 million in income
to the regional economy.
Some in-region students, referred to as retained students, would have left the Mt. ºÚÁϵ¼º½ Service Region for other educational opportunities if not for Mt. ºÚÁϵ¼º½. These retained students spent money on groceries, mortgage and rent payments, and other living expenses at regional businesses. The expenditures of retained students in FY 2021-22 added $45.8 million in income to the Mt. ºÚÁϵ¼º½ Region economy.
Mt. ºÚÁϵ¼º½ invests in construction each year to maintain its facilities, create additional capacities, and meet its growing educational demands, generating a short-term infusion of spending and jobs in the regional economy.
- The net impact of Mt. ºÚÁϵ¼º½â€™s construction spending in FY 2021-22 was $46.9 million in added income for the ºÚÁϵ¼º½ Service Region.
Alumni also had an impact: Former students currently employed in the regional workforce
amounted to $1.2 billion in added income in FY 2021-22.
From a social perspective, California invested $548.2 million to support Mt. ºÚÁϵ¼º½. Altogether, the social benefits of Mt. ºÚÁϵ¼º½ equal a present value of $3.8 billion.
- These benefits include $2.4 billion in added student income, $912.6 million in added business income, $371.8 million in added income from college activities, as well as $82.3 million in social savings related to health, the justice system, and income assistance in California.
For every dollar invested in Mt. ºÚÁϵ¼º½ in FY 2021-22, taxpayers will receive $6.90 in return, for as long as Mt. ºÚÁϵ¼º½ FY 2021-22 students reamin active in the California workforce.