Economic Development Summit spotlights Cerritos College as a driving force for the region
Cerritos College hosted its third Economic Development Summit on April 5. The one-day
conference brought together industry leaders, businesses, organizations, and educators
from across the region to examine an in-depth perspective of the incoming workforce
and the critical role Cerritos College plays in the economic development of Southeast
Los Angeles County. The event featured four speakers.
The opening keynote, Dr. David Hayes-Bautista, distinguished professor and director of UCLA’s Center for the Study of Latino Health and Culture, presented data on the economic contributions of Latinos in the United States. Despite the disproportionate impact of COVID-19, the Latino community showed resilience in the labor force with higher participation and growth rates in wages and salary. Highly educated children of immigrant parents have significant economic potential with their bilingualism, high levels of human capital, and decades of productive years ahead. Dr. Hayes-Bautista said the county could maintain economic preeminence by leveraging this demographic.
Guest speaker Luke Meyer, director of the Los Angeles Center of Excellence for Labor
Market Research, shared labor market data from a research study conducted in November
2023. Meyer discussed the economic benefits of Cerritos College to the surrounding
community, bringing in nearly $540 million in revenue and supporting more than 5,600
jobs. The college’s investment in education yields high returns for students, taxpayers,
and society. He also stressed that jobs requiring higher education are better protected
from economic shocks, increasing earning potential and job opportunities in times
of economic downturn.
Cerritos College President/Superintendent Dr. Jose Fierro emphasized community colleges' crucial role in economic development. “Community colleges provide affordable training programs that prepare students for high-paying jobs and help workers retool themselves and gain new skills to advance in their careers,” said Dr. Fierro, citing the college’s successful partnerships with General Motors and Northgate. “Collaboration between education and industry is essential to drive economic mobility.”
The closing guest speaker, Stephen Cheung, president and CEO of the Los Angeles Economic
Development Corporation (LAEDC), discussed the future of Los Angeles’ economy, addressing
the challenges of growing income inequality, population decline, and the cost of doing
business in Los Angeles. Looking into the future, he emphasized the city’s unique
strengths, including its diversity, global industry presence, and innovation potential.
Cheung stressed the need to embrace the global power and influence of Los Angeles
to drive economic growth and underscored the importance of workforce training programs
focused on emerging skills in manufacturing automation, cybersecurity, logistics,
and space industries to meet future job demands.
The speakers unanimously agreed on the positive impact of community colleges on students' lives and the regional economy. “We will continue to align our educational programs with the business interests of the communities we serve,” said Dr. Fierro. “We are committed to helping residents in the region use their education to break out of the cycle of poverty and financial inequality and improve their quality of life.”
The event was made possible thanks to the generous sponsorship of Southern California Edison.
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