updated 5/10/2010 3:51:13 PM ET 2010-05-10T19:51:13

California State University has released a report that argues the 23-campus system is a key source of job creation and innovation for the state economy.

The report titled "Working for California: The Impact of the California State University System" was issued Monday, ahead of the governor's updated budget plan later this week.

The report says CSU-related spending generates more than $17 billion in economic activity in California, supporting about 150,000 jobs and generating nearly $1 billion state and local taxes annually.

It estimates that for every dollar invested by California, the CSU generates $5.43 for the state economy.

Chancellor Charles Reed says he hopes the report will help persuade state lawmakers to protect funding for higher education as they negotiate the upcoming state budget.

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