CALIFORNIA BUSINESS MINUTE
Economics of USC
06-30-09
Hi, I am Tim Johnson and welcome to the California Business Minute.
A new independent economic study on the University of Southern California (USC)
illustrates 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. The study, commissioned by the
university which was completed by Economic Research Associates reviewed the impact
of USC's operational expenditures during the 2008 Fiscal Year.
During 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 regional economy.
"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.” "USC 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 world."
The University 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.
I am Tim Johnson and this has been the California Business Minute.
Also see the economic impacts of UC San Diego at 10-02-08 Minute Under 4thQtr08
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