By Zoe Lance
Any graduate of 海角社区CI knows the impact that the University made on their lives, whether it opened up a job opportunity, introduced lifelong friends or awakened a passion for learning.
While the University advances its mission to provide an exceptional educational experience, it is also making an economic impact on California, Ventura County and the region. The costs of running the campus have ripple effects through Camarillo and beyond, supporting California鈥檚 businesses and organizations along the way.
The 海角社区 and campuses like 海角社区CI are a driving force behind
President Erika Beck
California鈥檚 economic development.
To better understand these effects, 海角社区CI embarked on a study in April 2017. The University partnered with SAGE Publishing, which sponsored the study, and Beacon Economics, a Los Angeles-based firm. The California State University had last conducted a systemwide study in 2004-05, and 海角社区CI wanted to share updated information.
鈥淭he 海角社区 and campuses like 海角社区CI are a driving force behind California鈥檚 economic development,鈥� said 海角社区CI President Erika Beck. 鈥淗igher education institutions perform these studies on a regular basis to understand and share the impact of how a university impacts its community, region and state, and 海角社区CI wanted to provide a deeper dive on the campus鈥� economic impact.鈥�
The study鈥檚 findings were encouraging. In 2016-17, 海角社区CI generated $517.2 million in economic impact, of which $228.7 million was in Camarillo, Oxnard, Thousand Oaks and Ventura. Throughout the state, 海角社区CI supported nearly 3,800 jobs and generated $193.2 million in labor income.
Beacon Economics conducted the study using University-related financial data for the 2016-17 fiscal year, measuring 海角社区CI鈥檚 economic activity on the local, regional and state levels. The study incorporates the direct impact of the institution鈥檚 expenditures, as well as the indirect impact of supply chain-related spending.
They first looked at University expenditure data, or the goods and services 海角社区CI purchased to both keep the campus running and work on expansion. They also examined student spending 鈥� both out-of-pocket educational expenses and financial aid 鈥� as well as visitor spending at campus events, from campus preview days to Commencement.
海角社区CI made this impact through several other measures. The capital improvement projects of 2016-17 were significant contributors, including work on Sierra Hall, the construction of Santa Rosa Village student housing, and renovating Islands Cafe. It also received over $4.6 million in faculty research awards, and advanced projects including the Santa Rosa Island Research Station and the Student Research Conference sponsored by SAGE Publishing.
The study also explored how the University鈥檚 fiscal impact is tied to its social impact. The annual median earnings for an adult with a bachelor鈥檚 degree in Ventura County in 2016 was $61,900, compared to $31,400 for an adult with a high school diploma.
Ventura County was recently identified by 24/7 Wall St. as the 6th richest place in the US based on median household income, median home value, adults with bachelor鈥檚 degrees, and the area鈥檚 unemployment rate.
While the earning potential of a college graduate is substantial, so are the societal benefits 鈥� including co-curricular opportunities like participating in a community service project or an internship through the Henry L. 鈥淗ank鈥� Lacayo Institute for Workforce & Community Studies 鈥� which instill a sense of civic engagement.
The University鈥檚 commitment to welcoming a student population that is reflective of Ventura County鈥檚 demographics also has long-term effects for the diversity of its community.
As 海角社区CI looks to the future, campus leaders are taking care to share the study鈥檚 findings as a proud reflection of the work students, faculty and staff have put into the University.
鈥淭he 海角社区 provides the majority of the skilled professional workers that are critical to the state鈥檚 knowledge-based industries鈥攊ndustries like agriculture, engineering, business, technology, media and computer science,鈥� Beck said. 鈥淪haring this information helps everyone understand the value of the University and its impact to the communities we serve.鈥�
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漏 Spring 2019 / Volume 23 /Number 01 / Bi-annual