USC Provides Economic Output of $4 Billion In Los Angeles County - Students Account For More Than $406 Million - According to New Study
LOS ANGELES, CA (PRWeb) December 6, 2006 -- The University of Southern California - widely recognized as one of the nation's top research universities with highly respected programs in law, business, medicine, film and, yes, football - has yet another feather to place in its cap. According to a new study, USC is responsible for $4 billion annually in economic activity in Los Angeles County alone.
The University is also the City of Los Angeles' largest private employer, providing jobs for 26,446 people during the last fiscal year. In addition, USC's economy activity in turn produced another 16,318 non-USC jobs in the regional economy. The study, released today, shows that USC in FY 2005-2006 injected $1.86 billion in total direct spending into the economy with an estimated additional indirect and induced output from the University of more than $2.14 billion in Los Angeles County.
The study, "Economic Impact Analysis of the University of Southern California Annual Operations: Fiscal Year 2005-2006," was produced by consulting firm Economics Research Associates and is posted at:
http://www.mayocommunications.com/2006NewsReleases/2006USC-EconomicStudy11-20-06.pdf
The study includes the impacts of USC's academic spending; it does not include the direct spending or impacts of USC-affiliated hospitals. Among the study's other findings, for the fiscal year studied:
• Every $1 million spent by USC in the region supports 10.6 full-time equivalent jobs
• For every dollar spent by USC in LA County, an additional 39 cents of economic output
was created in the regional economy
• USC's 32,000 students annually spend $406 million in the economy
• USC visitors bring more than $12.3 million in direct expenditures to the local economy
• USC capital construction expenditures last year totaled more than $207 million
"The University has always been an incredible asset to the city and the region as a whole. Since its founding more than 125 years ago, USC has been there to meet the needs of this ever-growing and ever more important part of the world," said Steven B. Sample, president, University of Southern California. "Today Los Angeles has a role of global importance - it is the de facto capital city of the Pacific Rim. USC is better positioned than ever to significantly impact not only the region's economy but the world's as well."
"We knew USC is an important economic engine for Southern California, and these study results reveal just how big a contribution to the region's economy the University makes,"
said David E. Bergman, principal, Economic Research Associates, Los Angeles, which produced
the study.
About the University of Southern Californian (USC)
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 Los Angeles, as well as the city's largest export industry in the private sector.
[Editors note: For a copy of the report or media interviews please contact George McQuade or Aida Mayo at MAYO Communications, Los Angeles, 818-340-5300 or 818-340-9229.
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This press release has been reprinted from PRWEB per the terms and conditions of the copyright notice.
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