On Thursday, November 13, UCLA was recognized as the educational honoree at the Los Angeles Country Economic Development Corporation (LAEDC) Eddy Awards. Chancellor Gene Block accepted an award for Outstanding Leadership in Economic Development on behalf of UCLA. The award recognized the many ways UCLA has become an economic engine for the Los Angeles region. The event highlighted UCLA’s impact as one of the largest public employers in the country, as well as how UCLA’s entrepreneurial spirit is positively impacting the nation.
The Eddy Awards is a cocktail, dinner, and awards gala that supports the fulfillment of the LAEDC mission to attract, retain, and grow businesses and jobs for the regions of Los Angeles County. The Awards were introduced by the LAEDC in 1996 to celebrate individuals, organizations, and cities that demonstrate exceptional contributions to positive economic development in the region.
Some of UCLA’s outstanding economic contributions include the University generating $46.3 billion in annual economic activity for California and contributing $32.8 billion toward the gross state product. UCLA’s health system has also generated $6.3 billion in annual economic activity and contributed $4.5 billion toward California gross state product. UCLA health accounts for 40,455 direct and indirect jobs and pays out $3.4 billion in compensation. Additionally, UCLA manages more than 1,900 active inventions, including 670 US patents. About 581 UCLA inventions have been licensed to companies, contributing $1.8 billion regionally in local, state, and federal taxes to support schools, public safety, and infrastructure.
When accepting the award on behalf of UCLA, Chancellor Block stated, “By investing in UCLA and higher education more generally … California has created an invaluable engine for economic growth, opportunity and social mobility for the people of this remarkable state. And we need to continue to make smart investments to keep this powerful engine of prosperity running for the benefit of future generations.”
Additionally, Mr. Tony Pritzker, Co-Chair of the UCLA Centennial Campaign, was honored for his contributions to Los Angeles. Pritzker is Managing Partner at Pritzher Group, which has private equity and venture capital funds in Los Angeles that have financed nearly a dozen Southern California start-ups, adding strength the the Los Angeles economy.