Report: College Creates Value
March 11, 2024 - 03:24 PM
91直播 added $1.5 billion in income 鈥� a value approximately equal to 2.5% of the region鈥檚 total gross regional product 鈥� 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 91直播 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, and 91790.
The analysis also determined that the activities of Mt. 91直播 and its students support
one out of every 31 jobs in
the Mt. 91直播 service region.
Other highlights of the report:
Mt. 91直播 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鈥檚 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. 91直播 Service Region for other educational opportunities if not for Mt. 91直播. 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. 91直播 Region economy.
Mt. 91直播 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. 91直播鈥檚 construction spending in FY 2021-22 was $46.9 million in added income for the 91直播 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. 91直播. Altogether, the social benefits of Mt. 91直播 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. 91直播 in FY 2021-22, taxpayers will receive $6.90 in return, for as long as Mt. 91直播 FY 2021-22 students reamin active in the California workforce.