Academy of Art University Helps Boost Economy in the Bay Area: 2012 Report
The Academy of Art University plays a major role in the Bay Area’s growing innovation economy, according to the school’s 2012 economic report, issued earlier this month in San Francisco. Regional spending, employment, enrollment and placement, and spending by students at the university are among impacts detailed in the report, Preparing Students for the 21st-Century Innovation Economy. See the full report in PDF form here. Prepared by Capitol|PFG, the report employs statistics and infographics, background information and brief case studies to form a profile of the Academy.
Highlights from the report include:
Curriculum & Degrees
The Academy offers undergrad, graduate and certificate degrees in 21 schools that comprise a wide-ranging curriculum with a real-world learning model. Instructors are leading professionals in their specialties.
In 2011, total student enrollment at the Academy was approximately 18,200. The Academy attracts a large, diverse student population, with onsite students from throughout the U.S. and over 100 countries around the world.
Admissions & Costs
The Academy combines an inclusive admissions policy with affordable costs. Tuition and overall costs for students at the Academy are well below the level of comparable private art institutions, with tuition 44% below the average cost of other institutions and overall costs 28% lower.
The Academy’s 11,600 onsite students spent an estimated $110 million in the City of San Francisco and $175 million in the greater nine-county Bay Area in 2011. Including multiplier effects, student spending generates an annual impact on the San Francisco economy of approximately $170 million, and $316 million on the regional economy.
Academy alumni have earned a reputation for immediate productivity. The Academy experience prepares students to make a successful transition into their profession and make contributions at the start of their career. Preliminary, unofficial research conducted by the Academy shows that approximately 80% of Academy graduates gain employment in their field of study.
Spending & Economic Impact
The Academy made operational expenditures of approximately $114 million in the city and $136 million in the Bay Area in 2011. 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 school spending results in a total of $263 million in economic impacts on the Bay Area. Combined with student spending in the Bay Area, the total economic impact is $579 million.
The Academy employs a total of 2,369 faculty and staff, a 14.2% increase between 2007 and 2011. This increase has been a vital boost to the area job market, which has been flat over the same period.