BINGHAMTON — Binghamton University added nearly $1 billion in economic impact on Broome and Tioga counties and more than $1 billion across the state in fiscal year 2011, according to a study released by the university.
For every dollar the State University of New York (SUNY) system contributes to Binghamton University, it generates more than $8 in economic impact for the state. According to the report, university students spend $96 million to help bolster the local economy and visitors to the school spent another $7 million.
The university itself spent $120 million on capital costs and construction, $123 million on goods and services, and $275 million in wages and salaries.
The report, based on fiscal year 2011, shows that Binghamton University accounts for an estimated 12 percent of the gross domestic product of Broome and Tioga counties through its direct and indirect expenditures. Binghamton President Harvey Stenger pointed out that the report covers a year when SUNY budget cuts were in effect for the university.
He says he expects the report for fiscal year 2012 to surpass the $1 billion mark for the region. While that number is impressive, there is more to the university’s impact than just those figures, Stenger adds.
“My favorite part of the report is that we measure how many students volunteer in the community,” he says. “It’s huge. And nobody told them they had to do that, and nobody paid them to do that.”
During the 2010-2011 school year, 6,578 students volunteered 280,000 hours to area organizations.
Binghamton University employs nearly 5,000 faculty, staff, and student workers, and supports an additional 5,500 full- and part-time jobs in the two-county region, and 225 full- and part-time jobs beyond the region. The school has more than 14,000 students.
Contact DeLore at tdelore@tgbbj.com