Economic Impact: California’s $8 billion economic engine
A new independent economic impact study on USC shows that the university is one of California’s strongest economic engines. The study found that USC spurs $8 billion annually in economic activity in the Los Angeles region and California. The snapshot indicates the university will contribute well more than $80 billion to the economy over the next decade.
“USC is not only the largest private employer in the city of Los Angeles, but also a major economic powerhouse in California,” USC President C. L. Max Nikias said. “Our impact extends throughout our region and the state with thousands of local jobs, purchasing power that is invested back into our communities.”
According to the analysis, conducted by Beacon Economics, USC generated:
- $7.44 billion in economic output in Southern California
- $3.74 billion in total direct spending in the state
- $2.9 billion in wages in California
- $563 million in USC-related student expenditures
- $514 million on capital projects, such as money spent on construction firms, suppliers, and management and technical consulting, in L.A. County
- $455 million in tax revenues for local and state government across California
- $37.9 million for the local economy through visitors attending events at USC, such as football games at the L.A. Memorial Coliseum, the Los Angeles Times Festival of Books and USC Commencement.