On June 2, the Consortium of Universities of the Washington Metropolitan Area released a report [PDF] finding that D.C. universities – in addition to providing an education to 85,202 students citywide – make significant contributions to the local economy.

In 2010, universities spent $1.42 billion in D.C. on payroll, construction, capital improvements, and other outlays. Stephen S. Fuller of George Mason University asserts that there is a multiplier effect to this spending that in turn raised gross city product in D.C. by $2 billion.

Also, around 15,970 District residents work for Consortium members. Of D.C.’s top ten private employers in 2009, nine were universities and university hospitals. Georgetown University was the District’s largest private employer and Georgetown University Hospital ranked fifth.

Meanwhile, the report estimates the economic value of student volunteering in the region to be around $18.9 million.

This study comes at a time when several universities in D.C. are facing contentious campus plan battles. Universities like Georgetown exist as special use areas in residential zones and must prove that they are not “not likely to become objectionable to neighboring property because of noise, traffic, number of students, or other objectionable conditions.”

h/t Washington Post

According to Washington D.C.’s 2010 Comprehensive Annual Financial Report, Georgetown University was the city’s largest employer in 2010. Howard University, which was the largest employer in 2009, fell to fifth on the list. Howard’s fall is attributed to financial trouble and the early retirement of some of its staff members.

At a jobs summit in December, then Mayor-elect Vincent Gray said that he wanted to sweep away obstacles, like campus plans that cap enrollment and employment, in order to make D.C. a more business friendly place.

American University ranks seventh on the list, while the Catholic University of America ranks ninth. Specific numbers of employees were not included in the report.

h/t: WBJBizBeat

Now, we all know that the economy is awful, but did you know that it’s especially awful for this year’s graduating seniors? A couple recent stories from the Wall Street Journal and the Washington Business Journal paint a pretty vividly depressing picture why.

First off, finding a job is extremely difficult due to a triad of terribleness:

• Unemployment is on the rise among our age group, with the rate up to 13.9% among 20- to 24-year-olds and 10.9% among 25- to 28-year-olds
• To deal with the recession, employers are cutting down on their payroll and hiring less
• Even if employers are hiring, they’re less likely to seek out recent grads given the large supply of experienced and unemployed workers

Even if by some miracle you manage to get hired, you may be screwing yourself over in terms of long-term wages:

Even those who land jobs will likely suffer lower wages for a decade or more compared to those lucky enough to graduate in better times, studies show … Economic research shows that the consequences of graduating in a downturn are long-lasting. They include lower earnings, a slower climb up the occupational ladder and a widening gap between the least- and most-successful grads.

According to the WSJ, if you can find work in your desired career field, you’ll be better off in the long-run since you’ll learn the relevant skills and be more in demand once the economy recovers.

However, with employers saying they’ll hire 22% fewer college graduates than last year, the best bet may be to opt out of the job market all together. And you’re not alone in choosing that path—applications to AmeriCorps tripled, Teach for America saw a 42% increase in applications and graduate school are reporting an 8% increase in applications.

Um, happy graduation Class of 2009?

Photo from Flickr user adobemac, used under a Creative Commons license.