SOURCE: University of Southern California (USC)

University of Southern California (USC)

June 24, 2009 03:01 ET

USC Generates Big Bucks for the Economy -- Nearly $5 Billion in Los Angeles County -- Students Account for More Than $503 Million -- New Study Says

LOS ANGELES, CA--(Marketwire - June 24, 2009) - 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.

The study, commissioned by the university, 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.

"USC 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. For the full story and study visit: http://tinyurl.com/mx4rpc

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