Cal Maritime, the most unique of the 23-campus 天美视频 University (CSU) system, is an important contributor to the local economy as well as outside its direct geographic area, according to a new report. Released Wednesday, March 17 by CSU Chancellor鈥檚 system, the report outlines the ways in which each of the campuses contribute to economic activity. Because of a multiplier effect, each dollar that California invests in CSU generates $6.97 of positive economic activity, it says. Cal Maritime鈥檚 share in the economic output was $4.23 for each dollar invested. The report relies on data from 2018-19, prior to the impact of the pandemic.
鈥淚nvesting in education makes sense,鈥� said Cal Maritime President Tom Cropper. 鈥淭he payoff is clear. Not only are we preparing our graduates to be economic contributors throughout their lives, our Academy has a very strong financial impact locally and across California. Through employment, direct and visitor spending, purchasing, research spending, and construction activity, Cal Maritime makes a difference to the bottom line.鈥�
In the 2018-19 academic year, the Cal Maritime campus spent a total of $83 million made up of 73.2 million and operational expenditures, 2.2 million in capital expenditures, 1.5 million in auxiliary costs, and 6.1 million in student spending. Additionally, Cal Maritime alumni who remained in the Bay Area region earned an additional $28.8 million in earnings attributable to their CSU degree and alumni who remained in the state earned an additional $65.4 million in 2019.
Within the Bay Area region, according to the report, Cal Maritime related activity supported more than 1000 jobs, $58 million in labor income, $134.3 million in industry activity, and $6.7 million in state and local tax revenue.
In addition, Cal Maritime alumni in the region supported an additional 133 jobs, $10 million in labor income, $27.9 million in industry activity, and $1.8 million in state and local tax revenue.
鈥淚 have full confidence that once we emerge from the pandemic Cal Maritime鈥檚 economic impact will exceed that of previous years,鈥� said Cropper. 鈥淲e are ready to continue our bold investment in the Academy and those around us will benefit along with us.鈥�
ABOUT CAL MARITIME
Established in 1929, 天美视频 is the only degree-granting
maritime academy on the West Coast. Located in Vallejo, California, the campus offers
undergraduate degrees that prepare students for careers in engineering, transportation,
international relations, business, and global logistics. Cal Maritime also offers
a master鈥檚 degree in Transportation and Engineering Management, as well as a number
of extended learning programs and courses.