Colgate University generates $157M economic impact

HAMILTON — Colgate University had an economic impact of $157 million on the surrounding community for the 2022-2023 fiscal year, the most recent period for which data is available. That’s according to an economic impact report compiled by Lightcast and released by the university. “The study provided an opportunity to focus on all the ways Colgate is connected to and contributes to the local community and the region,” Joanne Borfitz, associate VP for community affairs and auxiliary services, said in a release. “Our staff and students volunteer countless hours supporting community organizations. We partner in solving community challenges, and the University is a cultural magnet that brings speakers, performances, and art to our rural area, and we invite the community to partake.” The study found the university’s presence supported 1,529 jobs — about one in every three jobs in Hamilton — and Colgate-fostered startups contributed $4.9 million in income to the regional economy, supporting 39 jobs. The university’s research impact included $1.6 million spent on research salaries, with another $3 million in other research expenditures. Visitors to Colgate for commencement, sports events, and other activities spent $2.5 million in Hamilton for lodging, food, and transportation, while student spending generated an additional $3.4 million. Capital projects at Colgate generated a $3.2 million economic impact, while Colgate alumni generated $5.1 million in added income. Beyond financial benefits, Colgate faculty, staff, and students are encouraged to volunteer in the community. Those volunteer activities equated to $563,000 in economic value. Colgate students who stay in the state after graduation are estimated to contribute an additional $56.4 million in taxes to the state.