According to an independent study released today by San Diego Regional Economic Development Corp. (EDC), Bridgepoint Education, Inc. (NYSE: BPI), a provider of postsecondary education services, had an estimated economic impact of $507 million in business output on the San Diego region in 2009. The study was prepared by The London Group, an economic consulting firm, in association with Dr. Andrew Narwold, Professor of Economics at the University of San Diego.
The business output estimates set forth in the study include base impacts, which are directly attributed to Bridgepoint Education's operations (such as employee wages, building rent paid and charitable contributions), as well as a broader measure of the economic contributions from Bridgepoint Education, which includes expenditures that permeate throughout the San Diego region.
Findings from the study were announced at a special Bridgepoint Education event commemorating 100 percent occupancy at the Sunroad Centrum Building, 8620 Spectrum Center Boulevard in Kearny Mesa. Bridgepoint Education occupies 248,051 square feet of commercial space on 10 of the building's 11 floors.
Last month, Bridgepoint Education announced its fifth San Diego location at 600 B Street in downtown San Diego. With the Sunroad Centrum Building, the new downtown location, and three buildings at its Sabre Springs headquarters on Evening Creek Drive North, Bridgepoint Education now occupies nearly 600,000 square feet of San Diego office space.
"Bridgepoint is not only a significant employer and regional engine of prosperity, it is a great reflection of the San Diego model of entrepreneurialism," said Julie Meier Wright, president and chief executive officer of San Diego Regional EDC. "SAIC began as a startup in 1969, Qualcomm began business in 1985, and now Bridgepoint Education in 2004. Today, they are among the region's largest employers. At San Diego Regional EDC, we recognize that San Diego's strength is in creating small businesses and growing them into the 21st century economy."
As discussed in the study, in addition to business output, Bridgepoint Education generates fiscal impacts at the federal, state and local levels. Federal tax impact in 2009, which includes $32.1 million paid in federal taxes plus an estimated $24 million in additional taxes generated from Bridgepoint Education's business output, is estimated at $56.1 million. State and local tax impact in 2009, which includes $4.9 million paid in California state taxes plus an estimated $19.4 million in additional state and local taxes generated from Bridgepoint Education's business output, is estimated at $24.3 million.
The study further notes that Bridgepoint Education ranks among the Top 10 private (non-government) employers in the San Diego region with 4,784 employees in 2009. It has grown from 1,314 employees in 2007 and is now recognized as San Diego's fifth largest private employer.
"Bridgepoint Education is committed to providing high quality educational experiences, and we are pleased to call San Diego home," said Andrew Clark, chief executive officer at Bridgepoint Education. "As Bridgepoint grows, so does our commitment to the community."
According to the study, in 2009, Bridgepoint Education donated $440,000 in sponsorship and granting dollars to numerous San Diego non-profit organizations. In addition, the study notes that Bridgepoint Education awarded $138,000 in local scholarships in 2009.
A copy of the EDC study is available from Bridgepoint Education upon request. For more information, please contact Shari Rodriguez, director of Public Relations at [email protected] or at 858.668.2580.
About Bridgepoint Education
Bridgepoint Education's postsecondary education services focus on offering associate's, bachelor's, master's and doctoral programs in such disciplines as business, education, psychology, social sciences and health sciences. Bridgepoint Education's regionally accredited academic institutions – Ashford University and University of the Rockies – deliver their programs online as well as at traditional campuses located in Clinton, Iowa, and Colorado Springs, Colorado and are accredited by the Higher Learning Commission of the North Central Association of Colleges and Schools (www.ncahlc.org). For more information about Bridgepoint Education, visit www.bridgepointeducation.com or call Shari Rodriguez, director of Public Relations at 858.668.2580.
About the San Diego Regional Economic Development Corporation
San Diego Regional EDC is supported by more than 150 of San Diego's largest companies and most influential business leaders. The group strengthens San Diego's business climate and maximizes economic success through two key programs, Business Development and Policy. EDC's business development program supports significant corporate outreach and retention, while nurturing emerging industries and attracting new corporate investment through targeted marketing initiatives. The policy program is focused on creating a competitive business climate for the region through workforce development initiatives and building the infrastructure – housing, water, energy and transportation systems – to support 21st century industries.