Rocklin, Calif.- William Jessup University today released findings from an independent economic study that states the institution could generate more than 650 jobs and $51.6 million in spending annually in the Greater Sacramento area’s economy by 2012-2013.
The region’s only residential four-year private university, William Jessup commissioned the Sacramento Regional Research Institute (SRRI) to analyze the economic benefits of the University within the Greater Sacramento area.
With an enrollment increase to an estimated 870 by 2012-2013, which includes 600 in undergraduate programs, the report concludes that once the university’s Phase II expansions and improvements are fully implemented, William Jessup will have annual operating expenses in excess of $24.1 million. In addition, William Jessup students residing off campus could spend close to $4.6 million on living expenses and other consumption activities in the Sacramento region.
‘We moved the university from our small campus in San Jose in 2004 to Rocklin, and one of the things we wanted to accomplish was having a greater impact on the region where we resided,’ said Joe Womack, William Jessup’s Vice President for Advancement. ‘I think this study proves that we are achieving that goal. These are exciting times at William Jessup as our footprint continues to grow much larger in the region.’
William Jessup began its $25 million Phase II expansion in July 2008. The ambitious project includes student apartments, which will double the on-campus housing, a dining and banquet facility, and additional athletic and music facilities. The expansion is slated to be finished by 2012-2013.
Other key findings by the SRRI include:
William Jessup’s current operating expenses of $13.8 million will expand to an excess of $24.1 million by 2012-13.
The Sacramento region could see a total benefit of more than $18.6 million in employee compensation (including salary and benefits) resulting from direct, indirect, and induced impacts. This equates to about $28,000 per employee and indirectly affects spending, investment, and savings patterns.
The area’s Educational Services; Retail Trade; and Health & Social Services sectors could benefit the most from the total employment impacts produced by the University’s operations and student counts. Combined, these three sectors account for over 75 percent of the total employment impacts.
The largest indirect job gains could be generated in the Real Estate & Rental; Administrative & Waste Services; and Professional, Scientific, & Technical Services sectors.
The short-term boost for construction of its new facilities could generate 342 jobs and $42.5 million to the local economy.
The report also notes that ‘additional benefits could arise from businesses that find the Greater Sacramento area more attractive either because of their role in supplying goods and services to higher education institutions; need for a higher educated workforce supplied through the University’s unique program offerings; or desire for formal or informal partnerships with the academic community. Moreover, higher education institutions, both public and private, are frequently viewed as regional assets which create a competitive advantage and can make a region more attractive in business location or expansion decisions.’
“The Sacramento Regional Research Institute has been a proponent for expanding higher education in Placer County for many years,’ said Ryan Sharp, the Director for SRRI. ‘We were pleased to assist William Jessup University gain an understanding of its role in the regional economy and were excited to discover that, once the expansion effort is complete, the University could create a considerable economic benefit in the greater Sacramento area economy. Operating the expanded institution could generate nearly 656 jobs and close to $51.6 million of output in the local economy.”
Since relocating to Rocklin, William Jessup has been occupying a unique niche in the region and also Northern California. It is the first evangelical Christian college situated between Fresno and Redding. The modern campus was originally a part of the Herman Miller furniture manufacturing plant designed by renowned architect Frank Gehry. Later, Russ Taylor of the Taylor, Teter Group in Fresno, California developed the award-winning campus redesign.
The study points out that the University will continue its sphere of influence, increasing its role as a catalyst for academic, cultural, social, and civic growth in the Greater Sacramento area.
‘We are an institution of higher learning first and foremost,’ Womack said. ‘But we also want William Jessup to be known as a university that takes great pride in the civic affairs that surround us and steps forward to assume leadership roles. Our students understand getting involved in our community is an integral part of their education.’