FOR IMMEDIATE RELEASE
CONTACT:
Doug Schultz
Communications Supervisor
626-914-8872
dschultz@citruscollege.edu
Report reveals Citrus College has nearly $1 billion impact on regional economy
Glendora, Calif. (March 20, 2024) – Citrus College had an economic impact of $947.2 million in Los Angeles County during the 2021-2022 fiscal year, according to a recent study conducted by a global analytic firm.
Lightcast, a provider of economic impact and labor market data, performed the comprehensive analysis of the economic impact Citrus College has in the region. In a report titled, "The Economic Value of Citrus College," the firm revealed that by totaling nearly $1 billion, Citrus College's impact in the areas of construction spending, student spending and alumni spending supports 10,265 jobs in the county.
"Made possible through Strong Workforce Program regional funding and the support of the Los Angeles Regional Consortium, this study reinforces the tremendous importance of the programs and services provided by Citrus College," said Dr. Greg Schulz, superintendent/president of Citrus College. "Our faculty and staff are committed to providing the education and training that will enable students to achieve professional and personal success. In turn, Citrus College students enter the workforce and contribute to their communities. As this study shows, the college's value to taxpayers, students and the region as a whole is extraordinary."
In addition to the economic analysis, Lightcast performed a comparison of the costs and benefits of investing in Citrus College. In doing so, they found that for every dollar a student invests in Citrus College in the form of out-of-pocket expenses and time, they receive a cumulative value of $7.80 in higher future earnings. The average annual return of student investment is 23.1%.
Similarly, the investment analysis determined that Citrus College generates more in tax revenue than it receives. For every dollar of public money invested in Citrus College, taxpayers will receive a cumulative value of $1.40 over the course of the students' working lives. The benefits to taxpayers will also consist of savings generated by the improved lifestyles of Citrus College students and its corresponding reduction in the use of government services.
"I am both encouraged and inspired by these analyses," Superintendent/President Schulz added. "The results affirm what those of us in the campus community have known for a long time: Investing your time and money in Citrus College is a wise decision."
The Lightcast study was based on several sources, including the 2021-2022 fiscal year and financial reports from Citrus College; institutional data supplied by the college's institutional research, planning and effectiveness office; industry and employment data from the U.S. Bureau of Labor Statistics and U.S. Census Bureau; outputs of Lightcast's Multi-Regional Social Accounting Matrix model; and a variety of studies and surveys relating to education and social behavior.
"On behalf of the Citrus Community College District Board of Trustees, I extend my sincere gratitude to the faculty and staff of Citrus College for their commitment to creating an educational environment that is capable of producing such impressive results," said Dr. Anthony Contreras, president of the board of trustees. "We are also incredibly grateful to our local taxpayers for making it possible for Citrus College to continue fulfilling its mission. Our hope is that the information in this report assures them that their contributions to higher education are worthwhile."
To read this economic impact report, visit www.citruscollege.edu/admin/research and click the "Other Resources" tab.
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