Local College Gives Multi-Million Dollar Economic Boost to Central New York Economy
Central New York is home to some of the finest colleges and universities in the country. Not only do they provide a great array of courses, but our geographic location lends itself to those who are interested in the most diverse fields.
Not only do our higher education institutes attract great students, they raise a ton of money to help their local economies. Hamilton College in Clinton, New York for example has a huge economic impact on our region. This discovery was made as part of an economic study commissioned by the Commission on Independent Colleges & Universities (CICU). The latest economic impact study was conducted during the 2018-2019 school year, or pre-COVID-19. The study was conducted by the Center for Governmental Research (CGR) out of Rochester.
The study showed that Hamilton College as a whole had an overall $325.5 Million impact on the Mohawk Valley. How do the numbers break down? According to the study, Hamilton spent over $5.4 Million on construction projects, based on a statewide estimate visitors and students spent approximately $20.5 Million.
Not only was there considerable spending going on, Hamilton College employed a total of 870 people and economic activity involving the college spawned an extra 920 jobs in the region. Vice President for Administration and Finance for Hamilton says,
In addition to the spending by our students, employees, and visitors, the college strives to patronize local businesses and hire local contractors and laborers.
The overall CGR study revealed that New York State's private higher education institutes contributed over $97 Billion to the state's overall economy. Again, our local area colleges and universities are top notch and produce some of the best students and best programs anyone could ask for. Their financial contribution is one that is worth celebrating as well.