USC MAKES ECONOMIC IMPACT STUDY: SCHOOL MAJOR PRIVATE EMPLOYER.Byline: SUSAN ABRAM Staff Writer The University of Southern California The U.S. News & World Report ranked USC 27th among all universities in the United States in its 2008 ranking of "America's Best Colleges", also designating it as one of the "most selective universities" for admitting 8,634 of the almost 34,000 who applied for freshman admission employs more than 26,000 people and spends $1.8 billion annually, making it one of the largest private employers in Los Angeles, says a study released today. The study, conducted by the Economics Research Associates, found that USC An abbreviation for U.S. Code. is a major contributor to metropolitan Los Angeles, paying out $909 million a year -- from student workers to tenure track professors. An additional $71 million is contributed to the economy by direct spending around downtown Los Angeles Downtown Los Angeles is the central business district of Los Angeles, California, located close to the geographic center of the metropolitan area. The sprawling, multi-centered megacity is such that its downtown core is often considered just another district like Hollywood or , said David Bergman, principal researcher for the Economics Research Associates. Of that $71 million, 10 percent is spent in the San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. , home to roughly 600 USC employees, Bergman said. ``What was neat about this study is when they gave us their payroll information, they allowed us to tie it to different levels of geography,'' Bergman said. ``We found that they buy a lot of goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. around downtown and in the surrounding neighborhoods.'' Researchers examined the university's payroll for fiscal 2005-06, Bergman said. In addition, sporting and cultural events at the campus in South Los Angeles South Los Angeles is the official name for a large geographic and cultural area lying to the southwest and southeast of downtown Los Angeles, California. The area was formerly called South Central Los Angeles, and is still sometimes called South Central. attracted more than 1.25 million visitors, who spent about $12 million. ``USC has been and continues to be a positive beacon in the city of Los Angeles
``It has been and continues to be a positive beacon in the city of Los Angeles, more specifically in the South Los Angeles communities.'' The findings are significant, researchers say, because they prove that universities can generate a good chunk of revenue and expenditures. ``If you took the impacts of all the educational institutions in Southern California, it would rival the tourism industry, and that is pretty important to recognize,'' said Bing Cherrie, associate vice president of planning at USC. By comparison, California State University, Northridge CSUN offers a variety of programs leading to bachelor's degrees in 61 fields and master's degrees in 42 fields. The university has over 150,000 alumni. It's also home to a summer musical theater/theater program known as TADW (TeenAge Drama Workshop) that leads teenagers through an , spends $334 million annually in Los Angeles County, according to a similar study released in 2004. The public university has created about 6,000 jobs in addition to its own 5,800 employees, according to the study. ``We've done these informal studies before and this shows we're certainly part of a large education system,'' Cherrie said. ``California has to be proud.'' susan.abram(at)dailynews.com (818) 713-3664 |
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