Foundation for a Thriving Region
UC Santa Cruz Economic Impact Brings Jobs,
Innovation to the Monterey Bay
Beyond its transformational research and enriching education of California’s future leaders, MBEP member UC Santa Cruz creates vast opportunities in the Monterey Bay region for people to live, work, and thrive, according to a University of California systemwide economic impact analysis. The report, “Economic, Fiscal and Social Impact Analysis,” was commissioned by the UC Office of the President and prepared by independent research and consulting firm Beacon Economics.
The study underscores how the university creates fertile ground for entrepreneurship and innovation that serves the entire region, said Chancellor Cynthia Larive.
In the greater Monterey Bay area, identified as the local economic region for UC Santa Cruz, 18,021 jobs can be directly linked to the campus, according to the report, generating labor income of $892.5 million. This includes direct full-and part-time jobs on and off campus held by faculty, staff, and students. It also includes indirect jobs in the community not part of UC’s payroll but that are created because of UCSC’s presence. The campus accounts for another roughly 1,200 jobs in other parts of the state.
Of the 18,021 regional jobs that the campus generates, as of April 2020, 8,266 were directly related to campus operations, including 2,928 academic and 5,338 staff positions, which include 2,562 student staff.
UC Santa Cruz is responsible for contributing $190 million in federal tax revenue and $131.4 million in state and local taxes for the region.
In total, UC Santa Cruz added $1.35 billion in value to the region’s economy and helped create more than $2 billion in economic activity, Beacon Economics concludes.
The Beacon Economics study looked at the university’s impacts on society including the effects of higher incomes that the university’s graduates receive. Social impacts include UC’s role in enhancing human capital, research and innovation (such as how investment in UC research has leveraged the founding of 1,239 startups by UC alumni to date), fostering economic growth and community development, and improving health care outcomes for millions across the state.
UC Santa Cruz attracted $189.8 million in research funding for the year that ended June 30, 2020, an all-time high and a 14.4 percent increase over the previous year, according to a soon-to-be-published annual report by the UCSC Office of Research. Sixty-five percent of research grants came from the federal government. In the same period, campus researchers were awarded 20 patents and applied for 31. UCSC currently has 154 active patents.
News courtesy of UC Santa Cruz.