Cal Poly economic impact estimated at $1.8B
Cal Poly, San Luis Obispo is responsible for more than $1.8 billion per year in industrial activity and nearly 20,000 jobs around the state, according to a new study commissioned by the California State University system.
The study looked at the 2018-19 academic year and was released April 1, and conducted by a Virginia consulting firm called ICF. It estimated the entire system’s industry activity at $26.9 billion, its labor income at $10.3 billion with more than 209,000 jobs, and its contributions to state and local tax coffers at $1.6 billion.
Cal Poly itself generated $115 million in tax revenue, $536.5 million in labor income, 19,270 jobs and $1.8 billion in industrial activity in 2018-19. When factoring in the contributions of Cal Poly alumni in the state, the numbers grew to 25,348 jobs, $1.6 billion in labor income, $4.7 billion in business activity and $315.3 million in tax revenue.
In Ventura County, CSU Channel Islands supported 3,747 jobs and $157.2 million in wages, $409.7 million in industrial activity, and $25.9 million in state revenue. CSUCI alumni in the region generated an additional 1,829 jobs, $97.1 million in wages, $292.7 million in industry activity and $22.1 million in taxes.
The study found that across the entire CSU system, every dollar of state spending generated $6.98 in economic activity.
“The California State University has long been recognized for the quality of its educational offerings and as an economic engine powering California, and this new report helps to further illustrate and quantify the consequential impact of the CSU on the Golden State,” CSU Chancellor Joseph I. Castro said in a news release. “A return of nearly seven dollars for every dollar invested in the university demonstrates the wisdom of continued bold investment in the university.”
Throughout the Central Coast region, the Cal Poly, CSUCI and CSU Monterey Bay campuses generated 25,800 jobs, $800 million in salaries, $2.45 billion in industry activity and $158 million in state and local taxes.
Direct spending by the universities was the key driver of economic impact in the region, at 63% of total industry activity.
Alumni who remained in the Central Coast region after graduating supported nearly 8,800 jobs and $1.4 billion in output, the study concluded.
EDITOR’S NOTE: This article was updated shortly after it was posted to include more information about the impact of CSU Channel Islands.