A new report reveals that Fresno State generates approximately $1 billion annually in economic activity within the San Joaquin Valley, including $954 million in business sales and $391 million in worker income that supports around 11,000 jobs. The university’s activities contribute over $49 million in annual tax revenue and yield a 6.23% return on state support. President Saúl Jiménez-Sandoval and Economics Department chair Antonio Avalos highlight the university’s critical role in regional economic growth.
In a remarkable revelation, a recent economic report by the Craig School of Business demonstrates that Fresno State contributes approximately $1 billion annually to the San Joaquin Valley’s economy. This impressive figure includes an average of $954 million generated through business sales and $391 million in worker income, supporting nearly 11,000 jobs within the region. Additionally, activities linked to Fresno State yield over $49 million in tax revenue each year for California and its surrounding counties, including Fresno, Madera, Kings, and Tulare. The report further highlights that the state support for Fresno State brings a significant return rate of 6.23%. Antonio Avalos, chair of the Economics Department, delved into this study, examining the interplay between the university’s spending and its impact on local business sales, workforce income, job creation, and tax revenues in the Central Valley. The research spanned data from the 2021-2022 and 2022-2023 fiscal years, factoring in student expenditures. Fresno State President Saúl Jiménez-Sandoval expressed pride in the university’s role as an economic powerhouse for the region, stating, “From increasing the earning power and social mobility of our students to educating the innovators, knowledge workers and business creators of the future, Fresno State is the keystone to uplifting the lives of everyone in the Valley. This report confirms the transformational power of Fresno State.” Avalos underscored the importance of understanding a university’s wider economic impact: “By measuring the ripple effects of a university’s economic impact, which capture business sales and job creation beyond the campus, institutions and policymakers can make informed decisions, justify investments and better understand the broader economic and social benefits of higher education.”
The economic impact of universities extends far beyond their campuses, influencing local economies, job markets, and tax revenues. Understanding this impact can help policymakers and educational institutions justify funding and support. Fresno State’s significant contribution emphasizes its role as a pivotal player in driving economic growth and supporting the community in the San Joaquin Valley.
Fresno State’s economic influence resonates through its substantial contributions to business sales, worker income, job opportunities, and tax revenue within the San Joaquin Valley. With a notable return on state investment, the university stands as a beacon of growth and development, reinforcing its pivotal role in enhancing both individual and collective prosperity in the region.
Original Source: sjvsun.com
