USC Generates Big Bucks For the Economy - Nearly $5 Billion In Los AngelesCounty – Students Account For More Than $503
Million – New Study Says
Los Angeles -A
new independent economic study on the University of Southern California (USC)
released today shows that the City of Los
Angeles’ largest private
sector employer is also one of California’s
major economic engines, helping to keep Southern
California's economy thriving.
The new report, “Economic
Impact Analysis of the University
of Southern California Annual Operations,”
shows that USC
is responsible for $4.9 billion annually in economic activity in the L.A.
region and beyond.
study, commissioned by the university, reviewed the impact of USC’s
operational expenditures during the 2008 Fiscal Year.
that period, USC
produced about $2.1 billion dollars in total direct spending: wage and payroll
expenditures of $1 billion, capital projects spending of $130 million, and
various purchasing expenditures of $430 million.Students spent another $503 million for goods
and services, while visitors to USC
spent about $12 million in the region. For every dollar spent by USC
in LA County, an additional 63 cents of output was created elsewhere in the
“We are proud to be a leader in higher education and a catalyst for the
economy of Los Angeles,”
said Steven B. Sample, president, University
of Southern California.
“Even in this economic downturn, we continue to provide thousands of full- and
part-time jobs in a wide range of fields.
also contributes to L.A.’s position as the Capital of the Pacific Rim, as
innovators and entrepreneurs, producers of art and culture, and through substantial
capital investment that ripples out beyond our city and state to the
of Southern California
is globally recognized as one of America’s
top research universities with highly sought after programs in business, medicine,
law, cinematic arts, engineering, and communication, among others.
is a vital economic engine for Southern California, and these recent findings
show the global, national and local economic impact USC’s
contributions have on the economy,” said study author, economist David E.
Bergman.He led the study creation at
the firm Economics Research Associates.
fiscal 2008, USC
directly employed 26,990 persons, and stimulated another 19,100 jobs with its
expenditures.The average salary for USC’s
non-student employees was $61,000.
“These study results support what we have known and have been saying
when it comes to being the top economic engine in my district and our city,”
said LA Councilman Bernard C. Parks, Council Dist. 8.“The contributions USC
makes financially, culturally and as corporate citizen help attract tourists,
high caliber students and the workforce of the future.”
have construction projects that are generating income, taxes and creating jobs
on campus,” explained Thomas S. Sayles, USC
vice president for government and community relations. “This study includes the
impacts of USC’s
academic spending; it does not include the direct spending or impacts of USC-affiliated
Added Jack Kyser, founding economist
at the KyserCenter
for Economic Research at the Los Angeles County Economic Development Corporation,
is better positioned than ever to significantly impact not only the region’s
economy but the world’s as well The University is a growing economic asset
to the city and the region as a whole, he said.”
About the University of Southern
From the surrounding
neighborhoods adjacent to Downtown Los Angeles to around the globe, the
University of Southern California provides public leadership and public service
in such diverse fields as health care, economic development, social welfare,
scientific research, public policy and the arts.USC,
the largest private research university west of the Mississippi,
serves the public interest by being the largest private employer in the city of
as well as the city’s largest export industry in the private sector.