SYRACUSE, N.Y. — Upstate Medical University contributed $2.5 billion to the state and local economy and supported, directly and indirectly, more than 18,321 jobs across New York state in fiscal year 2018.
That’s according to a recent study and report by Pittsburgh, Pennsylvania–based consultancy Tripp Umbach.
The economic-impact figure — which has grown 50 percent in a decade —includes capital improvements, Upstate expenditures and salaries to employees who spend their income on housing and services in Central New York. Additional dollars are generated by students, patients and visitors to Upstate, the report found.
(Sponsored)
Avoid the Employment Law Mistakes that Threaten Your New Business
Amid the excitement and uncertainty that accompany the opening of a new business, entrepreneurs often overlook basic employment law requirements that can cost them dearly. These include how they classify
Finding the Right Business Banking Partner: 4 Considerations to Support your Search
In today’s increasingly dynamic and competitive business environment, finding the right banking partner to meet the needs of your business is critical to your success. Banks are not one-size-fits-all and
“Our mission is to serve and improve the health of this community. But as this report points out, we are also a vital player in this community’s economy — employing more people than anyone else and generating billions of dollars for the state and local economy each year,” Dr. Mantosh Dewan, interim president of Upstate Medical University, said in a Tuesday news release. “Our talented, valuable employees are investing their salaries into the Central New York economy, which plays a critical role in the vitality of the region and New York state.”
Dewan also noted Upstate Medical University’s acquisition of Community General Hospital in 2011 as a factor in its growing economic impact.
“I have to believe that that is one major factor in the 50 percent growth because that’s dramatic,” says Dewan, who spoke with CNYBJ in a Tuesday phone interview about the report.
Some report findings
The study looked at the economic, employment, government revenue, and community impacts of Upstate.
Since 2008, Upstate’s overall economic impact increased by half, from $1.67 billion annually to $2.5 billion; employment rose 30 percent from 14,000 to 18,321; and government revenue generated grew 86 percent from $86 million to $160.4 million.
In addition, student enrollment at Upstate Medical University has grown 30 percent since 2006; Upstate directly employs 10,959 people; it supports an additional 7,362 employees through local business and employee spending; and Upstate sustains and supports 14,920 jobs in Onondaga County.
The report also found that Upstate’s annual payroll is $625 million and that one dollar of state support to Upstate generates another $58 in the state economy.
Contact Reinhardt at ereinhardt@cnybj.com
