New Report: As Academy of Art University Continues to Successfully Prepare Students for the 21st Century Innovation Economy, Economic Impact of University in the Bay Area Grows Stronger
While the Bay Area Economy and Regional Job Market Have Struggled, Academy of Art University´s Operations Are Growing; Report Finds That As the Academy Fuels the Bay Area Workforce, the Academy Generates an Annual Regional Economic Impact of Approximately $369 Million in San Francisco and $579 Million in the Bay Area
San Francisco, California (PRWEB) December 04, 2012
The Academy of Art University released its 2012 economic impact report today, which finds that the University is providing “an economic and fiscal boost to the local and regional economy” at a time when the rest of the region has struggled. With over 18,000 students, the Academy is the largest private school of art and design in the country and the fourth largest university overall in the Bay Area. In 2011, the Academy generated an annual regional economic impact of approximately $369 million in San Francisco and $579 million the Bay Area, up from $290 million and $500 million respectively in 2009.
The Academy´s market-based curriculum prepares students for the art and design jobs that are fueling the Bay Area´s innovation economy. Although the recent economic environment has been challenging, and opportunities have been more difficult to find, Academy graduates have continued to successfully compete for jobs. Preliminary, unofficial research conducted by the Academy shows that approximately 80% of Academy graduates gained employment in their field of study in 2011.
Elisa Stephens, President of the Academy of Art University stated, “The Bay Area is home to some of the world´s most innovative companies and the Academy takes great pride in the fact that we are preparing the workforce these companies need to grow. Each semester, our dedicated instructors — who are all professionals in their field — are preparing students with the skills and experiences they need to get jobs and contribute on day one. The success of the Academy is a reflection of the success our students are having at getting jobs in their field of study and the end result is a win for all involved — the Bay Area, the business community and Academy of Art University students.”
The report, prepared by Capitol Public Finance Group, LLC, focused on two areas of economic impact — the Academy´s record on fueling the Bay Area´s innovation economy by educating a skilled creative workforce; and the financial impact of the Academy´s presence in the Bay Area.
The key economic findings include:
–Including multiplier effects, Academy of Art University student spending generates an impact on the San Francisco economy of approximately $170 million, and $316 million on the regional economy.
–Jobs generated from student spending equate to approximately 1,001 in the City and approximately 1,439 in the nine-county Bay Area.
–Academy of Art University added 294 positions from 2007 to 2011, an increase of 14.2%, during a time when employment in the Bay Area increased by 0.4%.
–The Academy made operational expenditures of approximately $114 million in the City and $136 million in the nine-county Bay Area. As this spending circulates through the economy, it generates $40 million in additional indirect spending in the City and $45 million in additional induced spending in the City for a total of $199 million in the local economy. Furthermore, the $136 million in regional Bay Area spending results in a total of $263 million in economic impacts on the nine-county Bay Area.
Additional Findings Related to Preparing Students for the Workforce include:
–The Academy´s 2009 cohort default rate (11%) outperformed the rate for all schools (13.4%) and all proprietary schools (22.8%), with a default rate of well below half of the overall rate.
–Although the recent economic environment has been challenging, and opportunities have been more difficult to find, Academy graduates have continued to successfully compete for jobs. Preliminary, unofficial research conducted by the Academy shows that approximately 80% of Academy graduates gained employment in their field of study.
–Tuition and overall costs for students at Academy are well below the level of comparable private art institutions, with tuition 43% below the cost of other institutions and overall costs 28% lower.
President Stephens added, “A student´s ability to repay their loan – and thus, provide a strong return on investment — relies on obtaining a job upon graduation, and that is what is happening at the Academy of Art University.”
The Academy is an output based higher education model that provides an inclusive admissions policy to all students, but imposes both a rigorous curriculum and foundations program that requires the students — taught by professional instructors who are successful in their careers – to produce an actual portfolio of products that demonstrate their mastery, and rewards them by providing a degree that gives them the opportunity to develop successful careers.
To view the full economic report and learn more about the Academy of Art University, visit newsfeed.academyart.edu
About the Academy of Art University:
With more than 18,000 students, Academy of Art University is the nation’s largest private art and design university. Established in 1929, the school offers accredited AA, BA, BFA, MA, M.Arch and MFA programs in 21 different majors, as well as continuing art education, with classes in Acting, Advertising, Animation & Visual Effects, Architecture, Art Education, Art History(BFA), Fashion, Fine Art, Game Design, Graphic Design, Illustration, Industrial Design, Interior Architecture & Design, Jewelry and Metal Arts, Landscape Architecture, Motion Pictures & Television, Multimedia Communications, Music Production & Sound Design for Visual Media, Photography, Visual Development and Web Design & New Media. Students can also enroll in flexible online degree programs in most majors. Academy of Art University is an accredited member of WASC (Western Association of Schools and Colleges), NASAD (National Association of Schools of Art and Design), Council for Interior Design Accreditation (BFA and MFA-IAD) and NAAB (M-ARCH). For more information, visit http://www.academyart.edu or call 1-800-544-2787.
For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2012/12/prweb10194793.htm