St. Bonaventure University generated a regional economic impact of more than $144 million in 2013, according to analysis released this week by the Commission on Independent Colleges and Universities.
Economic analysis by the Center for Governmental Research revealed that independent colleges and universities in New York state contributed $74.3 billion to the state’s economy in 2013, an increase of $11.1 billion over 2011 figures. The study is conducted every two years.
As an institution, St. Bonaventure had an output impact of nearly $124 million. Coupled with the $20.5 million economic impact of students and visitors to campus, the university had an overall economic impact on the Western New York region of almost $144.5 million. That represents a $5.1 million increase from 2011.
The institutions in the Western New York region — Canisius, D’Youville, Daemen, Hilbert, Houghton, Medaille, Niagara, St. Bonaventure, Trocaire and Villa Maria — had an overall economic impact of $1.4 billion, according to the study.
With total payroll exceeding $26 billion for 394,400 direct, indirect and induced jobs, New York’s independent colleges and universities (private, not-for-profit) are a major source of jobs in all regions of New York state, according to CGR’s economic analysis.
As private employers, independent colleges and universities directly employ 190,500 New Yorkers, with taxes paid by private college and university employees totaling $1.9 billion. CGR also estimates that the Independent Sector generates another 203,900 indirect or induced jobs; tech spinoffs add an additional 12,200 jobs.
In 2013, direct institutional spending exceeded $56 billion and academic medical center spending totaled more than $13.2 billion. Additionally, New York’s independent, not-for-profit colleges and universities generated student and visitor spending of $4.5 billion.
The analysis breaks down the statewide impacts into 10 regions that align directly with the Regional Economic Development Councils of New York state. The following total overall impacts of the regions include: $4.2 billion in the Capital District, $3 billion in Central New York, $5.6 billion in the Finger Lakes, $3.4 billion on Long Island, $4.5 billion in the Mid-Hudson Valley, $639.7 million in the Mohawk Valley, $45.9 billion in New York City, $679.9 million in the North Country, $5 billion in the Southern Tier, and $1.4 billion in Western New York. Breakdowns of all the regional impacts, including job figures, can be found by visiting http://www.cicu.org/economic-community-impact.
“New York state continues to depend on its higher education institutions to educate our next generation of leaders, as well as contribute to our future economic growth,” said CICU president Laura L. Anglin.
“Playing the role of anchor tenants with communities around the state, the Independent Sector educates hundreds of thousands of students while also providing jobs and significant fiscal impact for the communities where they are located,” Anglin said. “Throughout the state, our campuses are significant contributors to both the economy and community. They are customers for local and state vendors, especially when it comes to construction.”
Nearly 1.3 million students enroll annually at colleges and universities in New York state, with almost 40 percent attending a private, not-for-profit institution.
The Independent Sector of higher education produced 51 percent of the bachelor’s degrees earned in New York State in 2012-13; 71 percent of the master’s degrees; and 80 percent of the doctorate and professional degrees, according to data from the National Center for Education Statistics, Integrated Postsecondary Education Data System (IPEDS).
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