Private, nonprofit colleges and universities have statewide economic impact of $97 billion, according to an economic impact study released by the Albany–based Commission on Independent Colleges and Universities (CICU). Institution impact comprises $70 billion of that, with student and visitor impact totaling $5 billion and academic medical center impact coming in at $22 billion, the […]
Private, nonprofit colleges and universities have statewide economic impact of $97 billion, according to an economic impact study released by the Albany–based Commission on Independent Colleges and Universities (CICU).
Institution impact comprises $70 billion of that, with student and visitor impact totaling $5 billion and academic medical center impact coming in at $22 billion, the study showed.
Independent colleges supported 407,000 jobs in fiscal year 2022-2023, including 196,000 direct campus jobs that generated a payroll impact of $33 billion and about $2 billion in state personal income-tax revenue and state and local sales-tax revenue.
In the Mohawk Valley region, which includes Oneida, Herkimer, Otsego, Fulton, Montgomery, and Schoharie counties, the total regional impact is $641.2 million. That includes $572.5 million in institution impact and $68.7 million in student and visitor impact. Independent colleges support 4,000 jobs, including 2,000 direct campus jobs, with a total payroll of $219 million and personal and sales-tax impact of $14.9 million.
Hamilton College in Clinton announced it generates a total economic impact of $331 million, which includes spending on research and development, construction, technology, salaries, and other operating expenses along with student and visitor spending. It supported 1,800 jobs, including 900 jobs on campus, with a combined payroll of $117.3 million and a personal income and sales-tax impact of $8 million.
“Hamilton College has a very real direct economic impact on our communities in the Mohawk Valley every day,” Hamilton President Steven Tepper said in a news release. “As is true with other higher education institutions in our area, it also has a significant impact on the world through the businesses, innovations, and ideas advanced by its graduates over decades.”
Independent colleges in the Central New York region — Oswego, Cayuga, Onondaga, Cortland, and Madison counties — generated an economic impact of $3.1 billion on the region, including $2.8 billion in institution impact and $290.2 million in student and visitor impact. The colleges supported 18,000 jobs, including 9,000 direct campus jobs, with a payroll of $1.1 billion and $73.7 million in personal income and sales-tax revenue.
In the Southern Tier — Delaware, Broome, Chenango, Tioga, Chemung, Steuben, Schuyler, and Tompkins counties – independent colleges had a regional impact of $6.1 billion including $5.8 billion in institution impact and $304.5 million in student and visitor impact. They supported 35,000 jobs, including 17,000 direct campus jobs, with a total payroll of
$2.3 billion and tax impact of $155 million.
Independent colleges in the North Country — Lewis, Jefferson, St. Lawrence, Franklin, Clinton, Essex, and Hamilton counties — had a $606.5 million economic impact, including $543.5 million in institution impact and $63 million in student and visitor impact. They supported 4,000 jobs, including 2,000 direct campus jobs, with a payroll of $196 million and tax impact of $13.4 million.
The full study is available online at
www.cicu.org/economic-impact/.
Founded in 1956, the Commission on Independent Colleges and Universities in New York represents the public policy interests of chief executives of the state’s independent colleges and universities and works to develop a consensus among membership and to advance higher-education policy.
