Local college gives CNY multi-million dollar economic boost
Central New York is home to some of the best colleges and universities in the country. Not only do they offer a wide variety of courses, but our geographical location lends itself to those 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 of Independent Colleges and Universities (CICU). The last economic impact study was carried out during the 2018-2019 school year, or pre-COVID-19. The study was conducted by the Center for Governmental Research (CGR) in Rochester.
The study showed that Hamilton College as a whole had an overall impact of $ 325.5 million on the Mohawk Valley. How do the numbers break down? According to the study, Hamilton spent more than $ 5.4 million on construction projects, based on a statewide estimate, visitors and students spent about $ 20.5 million of dollars.
Not only was there considerable spending, Hamilton College employed a total of 870 people and the economic activity involving the college created 920 additional jobs in the area. Hamilton’s vice president of administration and finance says:
In addition to the expenses of our students, employees, and visitors, the college strives to patronize local businesses and hire local contractors and laborers.
The CGR’s Global Study found that private institutes of higher education in New York State contributed more than $ 97 billion to the state’s overall economy. Again, our area colleges and universities are top notch and produce some of the best students and programs anyone can ask for. Their financial contribution also deserves to be highlighted.