The Morning Report
Subscribe now. Get smarter tomorrow.
Start-up companies begun by University of California, San Diego faculty and alumni add roughly $32 billion to the San Diego County economy and create nearly 115,000 jobs, according to an economic report unveiled by the university today.
Statewide, the university contributes more than $7 billion each year in direct and indirect spending and personal income to the economy and generates nearly 40,000 jobs.
“UCSD is an outstanding feature of our community’s economic landscape,” San Diego Mayor Jerry Sanders said in a release.
The study was conducted by CBRE Consulting, Inc. a San Francisco-based consulting firm. Here are a few details from the report.
- UCSD is the third largest employer in the county, paying more than $1 billion in salaries and wages to nearly 27,000 employees.
- UCSD generates more than 33,600 jobs locally.
- Faculty and alumni of the university have started 67 currently active companies in California that generate more than $10 billion in annual sales, of which $8.8 billion comes from Qualcomm, Inc., founded in San Diego by former UCSD professor Irwin Jacobs.
- In San Diego County, the university’s annual contribution to the economy is $5.7 billion in direct and indirect spending and personal income.