The Impact of Academic Institutions in Camarillo
Academic institutions such as universities and community colleges serve as economic engines for their respective regions and communities. Ventura County is no exception. Camarillo is home to the youngest college in the California State University system, CSU Channel Islands. The county is also home to California Lutheran University and Moorpark, Oxnard, and Ventura Colleges. These institutions make a significant economic impact on the area, attracting innovators and change makers—and making Camarillo an ideal home for your business.
Benchmarks of Academic Institutions Impact in Camarillo
Traditionally, institutions of higher education contribute to an area's economy by adding educated, skilled labor to the local workforce. Faculty research and consulting also contribute to the knowledge, technology, and innovation of local businesses.
Operational spending also adds to an institution's economic impact. Keeping a university or community college operational requires the regular purchase of a wide array of goods and services. This includes, but is not limited to, building maintenance, meals for students, and equipment needed for instruction, recreation, administration, and more.
Universities and community colleges also employ large numbers of faculty and staff, contributing to local employment and income. The steady influx of students and visitors to a university also results in the purchase of goods and services in the area.
In addition to these factors with direct impact on a local economy, there are also indirect impacts (secondary spending caused by direct impact factors) and induced impacts (secondary employment- and household-related spending caused by direct impact factors). To keep this article focused, we'll explore just the factors with a direct impact on the local economy.
CSU Channel Islands (CSUCI): A Catalyst for Growth
CSU Channel Islands represents the Central Coast in the California State University system. The university measures its economic impact on Ventura County, as well as on the university's immediate local area—the cities of Camarillo, Oxnard, Thousand Oaks, and Ventura.
At a high level, based on spending from the 2021-22 fiscal year, CSUCI supported nearly 3,407 jobs, generated $146.9 million in operations spending impact, and also incited $336.3 million of output in Ventura and Santa Barbara Counties[1].
Local area spending on day-to-day expenses related to facilities, supplies, and professional services (excluding construction and research expenditures) totaled $68.8 million[2].
Employee compensation, including salaries, wages and benefits for faculty, staff, and student workers, amounted to $102.6 million, much of which was spent in the region for groceries, mortgage and rent payments, dining out, and other household expenses[3].
Student expenditures, including housing, food, and retail purchases, infused $22 million into the local economy, supporting 312 jobs. The university's appeal extends beyond students, drawing visitors for events and workshops. Visitors contributed an additional $3.2 million in added income for the regional economy in FY 2021-22. Notably, CSUCI's commitment to research and development further solidifies its economic significance, with expenditures totaling $1.2 million dollars in payroll to support research activities, and an additional $1.2 million in other research spending, for a total of $2.4 million in research spending impact[4].
Total taxpayer benefits amount to $405.7 million, the present value sum of the added tax revenue and public sector savings. Taxpayer costs are $130.4 million, equal to the amount of state and local government funding CSUCI received in FY 2021-22. These benefits and costs yield a benefit-cost ratio of 3.1—or $3.10 in added tax revenue and public sector savings for taxpayers[5].
California Lutheran University (Cal Lutheran): A Beacon of Economic Prosperity
Cal Lutheran's regular and capital expenditures, reinforces the economic vitality of Ventura County. In the 2019-20 fiscal year, the university's regular budget created $195.8 million in output. This output supported 1,561 jobs and generated $24.7 million in tax revenue. Additionally, capital expenditures added further momentum, contributing $23.3 million in regional output and fostering 115 jobs, along with $2.9 million in tax revenue[6].
The impact trickles down to undergraduate and graduate levels, with expenditures totaling $80.8 million and $28 million, respectively. Additionally, campus dining and events outreach contribute significantly, generating $8.0 million and $1.9 million in output, respectively[7].
Ventura County Community College District (VCCCD): Fostering Regional Prosperity
The VCCCD, comprising Moorpark, Oxnard, and Ventura Colleges, plays a pivotal role in nurturing economic growth in the county. In 2020-21, the combined direct output impacts surpassed $494 million and over 3,800 jobs[8], illustrating just how much the district is a cornerstone of the county's economy.
Each college contributes individually to regional output, job creation, and tax revenue, therefore amplifying the district's overall impact. Student expenditures and institutional investments drive economic activity, reflecting the district's commitment to community enrichment.
Collective Impact of Academic Institutions in Camarillo
Even though CSUCI, Cal Lutheran, and VCCCD each have unique relationships with local businesses, residents, and government, the institutions collectively play a significant role in Camarillo's economy. Together, these relationships contribute to Ventura County's reputation as an innovative place to start and do business.
The economic impact of academic institutions transcends mere numbers; it embodies a shared vision for regional advancement and socioeconomic empowerment.
A Bright Future Ahead
In Camarillo, academic institutions aren't just centers of advanced learning, they are also engines of economic progress. CSUCI, Cal Lutheran, and VCCCD catalyze growth, create jobs, and nurture innovation, significantly contributing to Camarillo's economic landscape. As these institutions continue to thrive, they pave the way for a future brimming with opportunities and prosperity for all.
[1] https://www.csuci.edu/about/documents/csuci-eis-infographic-2122-final.pdf
[2] https://www.csuci.edu/about/documents/csuci-eis-exec-sum-2122-final.pdf
[3] https://www.csuci.edu/about/documents/csuci-eis-exec-sum-2122-final.pdf
[4] https://www.csuci.edu/about/documents/csuci-eis-exec-sum-2122-final.pdf
[5] https://www.csuci.edu/about/documents/csuci-eis-infographic-2122-final.pdf
[6] https://www.callutheran.edu/president/documents/Cal-Lutheran-Economic-Impact-Report-2020.pdf
[7] https://www.callutheran.edu/president/documents/Cal-Lutheran-Economic-Impact-Report-2020.pdf