HERKIMER, N.Y. — Herkimer College generated an economic impact of $149.8 million on the region in fiscal year 2022-2023, according to an economic-impact study conducted by Lightcast, a global provider of labor-market analytics.
“This study underscores the vital role Herkimer College plays not only in providing quality education but also in fueling economic development in our region,” Herkimer College Officer-in-Charge Nicholas Laino said in announcing the study results. “From creating jobs to supplying skilled graduates, Herkimer College is a key driver of prosperity in the Mohawk Valley.”
Other key findings in the study reinforced the community college’s value as an economic engine for the community. The college employed 241 full-time and part-time faculty and staff, 94 percent of whom lived in the Herkimer service region. Payroll totaled $15.9 million, and additional spending on facilities, supplies, and services contributed to a total operational impact of $19.9 million.
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Student spending added $2.4 million to the regional economy. About 26 percent of Herkimer College’s students came from outside the region, with some relocating to attend college. Those students spent money on housing, groceries, transportation, and other essentials.
Thousands of Herkimer College graduates continue to contribute to the local workforce, generating $127.5 million in added income, the equivalent of supporting 1,301 jobs in the region.
The community college’s total economic impact of $149.8 million, using a jobs-to-sales ratios specific to each industry in the region, supported 1,606 jobs across different industry sectors.
“The college benefits regional businesses by increasing consumer spending in the region and supplying a steady flow of qualified, trained workers to the workforce,” the study concluded. “Herkimer College enriches the lives of students by raising their lifetime earnings and helping them achieve their individual potential. The college benefits state and local taxpayers through increased tax receipts and a reduced demand for government-supported social services.”
The study was commissioned through a collaboration in which Lightcast measured and analyzed the economic impact for each of the 30 SUNY community colleges and the SUNY community college sector, as a whole. According to the study, SUNY community colleges added $16.9 billion in income to the New York economy during the analysis year, equal to the sum of operations and construction-spending impacts, the student-spending impact, and the alumni impact.
For the full Herkimer College economic impact study report, visit the college’s dedicated webpage.
