Constructing new facilities and hosting celebratory weekends are two factors considered in a new economic impact study commissioned by the Albany-based Commission on Independent Colleges and Universities (cIcu) for its members.
According to the study Hamilton’s estimated economic impact in the Mohawk Valley for 2014-15 totaled $344,200,000. The figure includes direct spending by the college for wages and benefits, instruction, and operating and maintaining the physical plant.
The study, conducted by the Center for Governmental Research (CGR) in Rochester, estimated the college spent $18.5 million on construction and that spending by students and visitors totaled $17.5 million based on a statewide estimate. According to CGR, Hamilton employed 930 people and the economic activity generated by the college resulted in more than 990 additional jobs in the region.
“Hamilton College has a sizable economic impact in the Village of Clinton and the Mohawk Valley,” said Vice President for Administration and Finance Karen Leach. “In addition to the spending by our employees and visitors, the college strives to patronize local businesses and hire local contractors and laborers.”
New York’s independent colleges and universities contributed $79.6 billion to the state’s economy in 2015, according to the CGR report. The figure represents an increase of $5.3 billion since 2013. In addition, New York State’s independent colleges directly employ more than 200,000 people.
The report also highlights the total payroll impact of this sector, which exceeds $28 billion for 406,300 direct, indirect and induced jobs, a $1.6 billion increase over the 2013 study. As private employers, these institutions’ employees pay more than $2 billion in state taxes.