SAN MARCOS (October 26, 2016) – Palomar College is a regional powerhouse of economic impact, contributing $910.7 million to the North San Diego County’s gross regional product annually. In addition, the District added 1,709 jobs to its service area, according to a report from Emsi, an Idaho-based firm that specializes in analyzing colleges’ and universities’ economic impact.
“While we know that Palomar College, which serves one-quarter of San Diego County, has a significant effect on the region, this report illustrates how large the economic impact is to our students and the businesses in our District,” said Dr. Joi Lin Blake, superintendent/president of Palomar Community College District. “We are excited to share this with our partners; to show how the local economy increases, businesses benefit and communities prosper from the reach and contributions the College has on North County.”
The study reported that for every dollar of public money invested in Palomar Community College District, taxpayers receive a return of $3.30 in added state revenue and social savings. And for every dollar spent on students, $4.90 is gained in lifetime earnings. The report further indicated that the average associate degree completer from Palomar College will see an increase in earnings of $11,700 each year compared to someone with a high school diploma or equivalent. The average annual rate of return students receive on their investment in a Palomar education is an impressive 20 percent!
“We are very proud of the impact the District has the San Diego North County region and we are confident that we are effectively serving the students and the taxpayers,” stated Mark Evilsizer, president of the Palomar Community College District Governing Board. “Our students, faculty, staff, and vendors greatly increase the region’s economy.”
Other highlights of the newly released study: Palomar College employs more than 1,700 full-time and part-time employees; and Palomar College students yield a total savings of $79.3 million in benefits derived from lower unemployment, increased health, and other social costs.
# # #
Media Contact: Laura Gropen, Director, Public Affairs, 760-744-1150 x2152