TUESDAY | March 25, 2008

March Madness has begun. That annual rite of spring when 64 college basketball teams begin their road to the Final Four, and tournament fans go to Google to find out exactly where schools like Siena College and Davidson College are located. For local fans, the University of Southern California and Cal State Fullerton ended their runs early while the University of California, Los Angeles continues its bid for an unprecedented 12th NCAA national title.

With so much focus on the basketball programs of our nation’s colleges and universities, it’s easy for us to overlook the real “big man” at each of these schools – their enormous impact as economic engines and job creators. Our local institutions employ thousands of outstanding professionals, attract tens of thousands of talented students, compete for billions of federal research dollars, spawn new businesses and industries, and educate the high-skill workforce of tomorrow.

Here in Southern California, we are very fortunate to have one of the world’s largest concentrations of colleges, universities and other higher educational institutions. Our region is home to five University of California campuses, 12 California State University campuses, dozens of community colleges and trade technical schools, and private institutions including USC, CalTech, Claremont Colleges, Pepperdine, Loyola Marymount University, Woodbury University and many more.

The numbers are staggering. The region’s top 25 colleges and universities have a combined full-time enrollment approaching 300,000 students – nearly double that number when you count part time students, according to the Los Angeles Business Journal.  They employ approximately 100,000 full time workers. Just think about all the non-university businesses including dry cleaners, restaurants, retail, and others that exist in large part because of their local educational institution.

The message is clear – just as our colleges and universities invest in our students and our communities, we must continue to invest in them directly and indirectly.

Direct investment includes becoming a part of an alumni association and volunteering time or money for scholarships, special programs or mentoring opportunities. It can also include reaching out to students for summer internships or career recruitment in your company.

Indirect investment is equally important.  Many institutions are challenged by limited on-campus housing and very high off-campus housing costs. It’s important for local government and private developers to work with our universities to help build more affordable off-campus student housing in the near term and build more overall regional workforce housing in the long-term.  Only then will we be able to ensure that graduates with student loans can afford to live and work in Southern California.

Developing synergies between education institutions and our emerging industries is also vitally important. All the “techs” – biotech, green tech, high tech, as well as logistics, science, engineering and the arts are already defining the 21st century economy. Let’s continue to connect these schools and their students with these emerging industries and make Southern California the epicenter for innovation.

So, as we cheer on our favorite teams and enjoy the passion of players from small and far-away colleges that only reach our television screens during March Madness, let’s all take time out to appreciate and support our local colleges and universities. It’s a slam dunk for the future of our community and our economy.

And that’s The Business Perspective. 

Gary L. Toebben
President & CEO
Los Angeles Area Chamber of Commerce

The Business Perspective is a weekly opinion piece by Gary Toebben, President & CEO of the Los Angeles Area Chamber of Commerce.

by Gary Toebben, President & CEO, Los Angeles Area Chamber of Commerce

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