Daily Business Report: Monday, Feb. 21, 2022
The irreplaceable value of California’s community colleges
A new analysis shows the economic and social benefits and why we need to invest in students
By Eleni Kounalakis, Lt. governor of California and member of the Board of Governors for California Community Colleges
and Eloy Ortiz Oakley, Chancellor of the California Community Colleges
As the largest system of public higher education in the world, California’s community colleges have long been a major economic engine driving our state’s economy. The cumulative impact of the 116-college system however has never been quantified – until now. A new analysis reveals the huge economic and social benefits of our community colleges.
California community colleges – through our programs, operations, alumni impact and other activities – added $128.2 billion in income to our state’ s economy, or 4.2 percent of the total gross state product, according to the economic data analytics firm Emsi who analyzed 2018-19 data. For perspective, this impact is larger than the state’s entire construction industry.
As we enter a new year, it is heartening to confirm that the community college system, with 1.8 million students, is a wise investment for the state, for taxpayers and for our students. In fact, the average associate’s degree graduate will see annual earnings $11,100 higher than someone with a high school diploma working in California. This average annual return of 19.6 percent is almost double the stock market’s 30-year average annual return.
Investments in our community colleges pay off for our state and taxpayers, too. For every dollar invested in community colleges the people of California will receive $11.70 back in benefits.
Community college graduates continue to be the backbone of our workforce, educating and training essential workers such as nurses, first responders and skilled workers in manufacturing, climate change response and technology. California’s community colleges helped create nearly 1.5 million jobs, or 1 out of every 16 jobs in the state.
While it’s clear that the return on investment for students is wise public policy, we have yet to keep pace with the true cost of college and the success of our students.
Many of our students have unmet “basic needs” such as housing, food, transportation and textbooks – factors that can stymie student success. This reality has only become grimmer as we face an alarming rise in inflation. We’ve all witnessed the significant price hikes at the grocery checkout line, gas pump and restaurants.
No one should have to choose between an education and putting food on the table, and our students have been particularly hard hit by the COVID-19 pandemic. It’s jarring that 1 in 5 working students has been furloughed or laid off during this pandemic and 57 percent are experiencing basic needs in security in food and housing.
Community college students are struggling to balance work and their households’ health while pursuing higher education. We’ve heard it directly from students in a recent enrollment survey citing a need to work as a top reason they wouldn’t consider enrolling in a community college.
But our state needs them. Gov. Gavin Newsom recently announced in his 2022-23 budget proposal a goal of 70 percent degree and certificate attainment among working-age students in California by 2030. With community college students comprising more than two-thirds of all undergraduate students in our state, they are pivotal to reaching this goal.
Our state has made great strides in creating a more accessible financial aid system that reflects the cost of college, and we must press forward to create a more equitable system. Community college students have the highest net cost of attendance despite being among the lowest in income.
These economic impact findings show how fruitful investing in our students is, and if we keep our sights set on increasing students’ success, we all stand to benefit.
California’s Community Colleges embody the ethos of California: diversity, community and opportunity.
Now that we know their vital contribution to the economy, let’s step up investments in students by supporting the governor’s proposed budget investments in community colleges.
Eleni Kounalakis has also written about hows our future rests on climate action.
Eloy Ortiz Oakley has also written about how the U.S. Education secretary should look to community colleges in the economic recovery, how online infrastructure is vital for community college students, and about removing obstacles that keep veterans from earning colleg degrees..
Governor travels to Del Mar to introduce
Texas-style bills to curb gun violence
By Debbie L. Sklar | City News Service via Times of San Diego
Gov. Gavin Newsom reiterated his commitment to hold the firearm industry accountable for its products while speaking at the Del Mar Fairgrounds Friday, joined by elected officials to announce proposed legislation to increase certain gun controls.
Saying he had no issues with law-abiding gun owners or even guns themselves, Newsom focused his speech on ghost guns, serial numbers, background checks and civil suits intended to hold manufacturers accountable – similar to a suit brought by the parents of children killed in the 2012 Sandy Hook Elementary School shooting, who settled for $73 million with arms manufacturer Remington this week.
“I’m sick of being on the defense on this stuff,” Newsom said.
Senate Majority Leader Emeritus Bob Hertzberg, D-Van Nuys, joined the governor to announce the new legislation intended to limit the spread of dangerous assault weapons and ghost guns utilizing similar tactics to Texas’ recent abortion law.
“In a just world, a woman’s right to choose would be sacrosanct, and California’s people would be protected from ghost guns and assault weapons,” Hertzberg said. “Sadly, a misguided Supreme Court seems determined to turn common sense on its head.
La Jolla Music Society completes solar
panel installation at The Conrad
La Jolla Music Society has completed the installation of an array of solar panels on the roof of its home, The Conrad Prebys Performing Arts Center in La Jolla. With 237 panels each generating 425W, expected monthly savings in energy costs are projected to be 25 percent, or more than $1.3 million over the next 30 years.
LJMS donors Raffaella and John Belanich and Bebe and Marvin Zigman led fundraising efforts with major donations to cover the $307,000 cost of installation.
After the Escondido firm Baker Electric was awarded the project in May 2021, installation began on Dec. 13, 2021, and the system will be energized on Feb. 17, 2022, after receiving a Permit To Operate from SDG&E. Construction on The Conrad had to accommodate the venue’s full performance schedule so that performers and audiences were not affected.
La Jolla Music Society’s Winter Season 2021–22 is currently underway, with concerts through June 3, 2022. SummerFest 2022 runs from July 29 through August 26, 2022. La Jolla Music Society’s Winter Season 2021–22 is currently underway, with concerts through June 3, 2022. SummerFest 2022 runs from July 29 through August 26, 2022. Visit www.ljms.org for more details.
MiraCosta College superintendent/president
to receive Shirley B. Gordon Award
Phi Theta Kappa Honor Society (PTK) recognized Sunita “Sunny” Cooke, superintendent/president of MiraCosta College, with the prestigious honor of the Shirley B. Gordon Award of Distinction.
Cooke will be presented with the award during PTK’s Catalyst 2022, the society’s annual convention in Denver, Colo., April 7-9, 2022.
The award recognizes college presidents who have shown support for student success initiatives leading to stronger pathways to completion, transfer, and employment; and have taken an active interest in supporting high-achieving students and developing student leaders on campus.
During her tenure, Cooke has been instrumental in the implementation of new degrees and certificates, including a unique biomanufacturing bachelor’s degree.
Under her leadership, \ graduation and transfer rates have significantly improved, and the college has received recognition as an Achieving the Dream Leader College and Aspen Prize for Excellence nominee.
San Diego home prices continue
to climb as inventory plunges
San Diego County’s home price zoomed back to its previous peak — $750,000 — in January as tight inventory sparked bidding wars among buyers.
Local prices increased 17.2 percent in a year as of January, reported CoreLogic/DQNews on Thursday. The median — which includes new and resale condos, townhouses and single-family homes — dipped slightly in December but returned to the record high reached in November.
Telehealth startup Equip nets $58 million
Telehealth startup Equip, which provides treatment for people with eating disorders, has raised $58 million in a second round of investment that includes backing from Katie Couric Media and Alex Morgan. The startup will use the funds to scale its telehealth technology, expand to all 50 states, broaden insurance coverage, and launch new services.
Carlsbad’s mPower technology raises $10 million
Carlsbad solar company mPower Technology has raised $10 million, which will support the expansion of the company’s manufacturing capabilities and product and commercial development. Its DragonSCALES technology is a completely flexible interconnecg mesh or resilient, light-weight, miniature solar cells that can be rapidly deployed for space commercialization and exploration missions at an extremely low cost.
Scripps Research makes big strides in fighting future pandemics
La Jolla-based Scripps Research has identified a vulnerable site at the base of the spike protein on multipled coronaviruses that could be targeted to prevent future pandemics. This will allow researchers to start the process to develop a vaccine that could cover more strains of the virus, help treat patients, and prevent future pandemics.
QDOBA launches all-new rewards program
QDOBA, the San Diego-based fast-casual Mexican restaurant, announced a series of enhancements to its popular QDOBA Rewards program, making it easier to earn free food fast. Upon joining the revamped program, all members will earn 1 point for every $1 spent and a free entrée with just 125 points. New members who sign up will immediately receive the reward of QDOBA’s signature Queso & Chips to enjoy for free on their next visit to the restaurant.
With a simplified format and two-tier loyalty system, most previous QDOBA Rewards members can now enjoy the flavors they crave for free after fewer restaurant visits. The streamlined system also makes the redemption process easier by automatically placing entrée rewards in members’ wallets, so free flavor opportunities are never missed.
