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Clarkson University has $270 Million Economic Impact on Regional Economy
The Commission on Independent Colleges and Universities (cIcu) has issued a report indicating that independent colleges and universities generate $63.2 billion in economic impact for New York State.
Clarkson University provides an economic impact of more than $270 million to the regional North Country economy through its institutional operations and jobs related to supporting student services and commercialization of research.
Clarkson President Tony Collins takes Clarkson's impact on the economy a step further by co-chairing the North Country Regional Economic Development Council, which in December 2011 was awarded $103.2 million by New York State for its Strategic Development Plan. The plan was one of four Best Plan Award winners and was also the second-highest amount granted to the 10 councils statewide.
"Clarkson University is one of the primary anchor tenants here in the North Country and plans on being here for a long, long time," said Clarkson University President Tony Collins. "Our students, faculty, staff, parents and visitors have been driving our economy for nearly 128 years and today there is even more involved. For example, our Shipley Center for Innovation has facilitated 42 new start-ups and currently has more than 106 projects in the pipeline, serving as an engine for regional economic development by engaging in the creation of new enterprises capitalizing on emerging technologies."
Clarkson University’s detailed economic impact data can be found at http://www.clarkson.edu/news/eco-impact-2011.pdf .
A full news cIcu release on the $63.2 billion in economic activity generated for New York State by independent colleges and universities is available at http://www.cicu.org/news/release.php?id=307 and below.
Independent Colleges and Universities Generate $63.2 Billion in Economic Activity for New York State
Upstate New York Campuses Collectively Create Impact of $22.8 Billion
Contact: Jennifer Miller (firstname.lastname@example.org; 518-436-4781) or Terri Standish-Kuon (email@example.com)
With total payroll exceeding $23.1 billion for 373,800 direct, indirect and induced jobs, New York’s independent colleges and universities are major source of jobs in all regions of New York State, according to a new economic analysis by the Center for Governmental Research (CGR) released today by the Commission on Independent Colleges and Universities (CICU).
As private employers, independent (private, not-for-profit) colleges and universities directly employ 180,600 with a payroll that exceeds $12.2 billion.
In total, the 100-plus independent colleges and universities in New York State contributed $63.2 billion to the state’s economy in 2011. This is an increase of $8.9 billion (16.4%) since 2009, and an uptick of $15.7 billion (33.1%) from 2007.
In 2011, direct institutional spending exceeded $50 billion and academic medical center spending totaled more than $8.9 billion. New York’s independent, not-for-profit colleges and universities generated student and visitor spending of $4.3 billion.
In Upstate New York—the area from the Mid-Hudson Valley region to the North Country to Western New York—independent (private, not-for-profit) colleges and universities directly employ 78,700 with a payroll that exceeds $5.1 billion.
“In a labor market struggling to recover from the Great Recession, both young people and established workers know that they must invest more in their personal ‘capital’—the education and training they bring to the marketplace,” said CGR’s chief researcher officer Kent Gardner, who led the study. “New York’s independent colleges and universities have expanded to fill that need. This is good for the economy directly—as it provides employment for skilled professionals—and indirectly, as this enhances the capacity of New York’s workforce to confront the challenges of the 21st century.
“Higher education remains one of New York State’s most significant economic sectors," said CICU president Laura L. Anglin. “The Independent Sector of higher education is a vibrant contributor to the economy and community. Private, not-for-profit higher education is the source a large number of jobs. Our colleges and universities are significant customers for local vendors, especially when it comes to construction. They are anchor tenants, talent magnets, workforce and innovation catalysts and community partners.”
Nearly 1.3 million students enroll annually at colleges and universities in New York State; the largest percentage attend private, not-for-profit institutions. The Independent Sector’s total enrollment is 488,180 for fall 2010. In 2010-11, private, not-for-profit campuses granted 136,559 undergraduate and graduate degrees.
The Independent Sector of higher education produced 52 percent of the bachelor’s degrees earned in New York State in 2010-11; 71 percent of the master’s degrees; and 79 percent of the doctorate and professional degrees, according to data from the National Center for Education Statistics, Integrated Postsecondary Education Data System (IPEDS).
The announcement came during an Independent Higher Education Forum planned by Hamilton College, Hartwick College, PrattMWP, St. Elizabeth College of Nursing, host campus Utica College, and CICU. The program featured a Community Partners Fair and a panel discussion, “Think Globally, Hire Locally: A Dialogue About Working with Campuses to Attract and Retain Talent.”
Click on this link to view the upstate regional data overviews: http://www.cicu.org/economic-community-impact.
About the Commission on Independent Colleges and Universities (CICU): CICU is a statewide association representing the public policy interests of the chief executives of more than 100 independent colleges and universities in New York State. Founded in 1956 by a small group of private, not-for-profit college and university presidents, the Commission on Independent Colleges and Universities (CICU) now represents 100+ independent campuses across New York State. CICU is an educational corporation formed under the New York State Regents. Its mission is to develop consensus among a diverse membership and to advance higher education public policy. www.cicu.org
About Clarkson University: Clarkson University launches leaders into the global economy. One in five alumni already leads as a CEO, VP or equivalent senior executive of a company. Located just outside the Adirondack Park in Potsdam, N.Y., Clarkson is a nationally recognized research university for undergraduates with select graduate programs in signature areas of academic excellence directed toward the world’s pressing issues. Through 50 rigorous programs of study in engineering, business, arts, sciences and health sciences, the entire learning-living community spans boundaries across disciplines, nations and cultures to build powers of observation, challenge the status quo, and connect discovery and engineering innovation with enterprise.
[A photograph for media use is available at http://www.clarkson.edu/news/photos/bhsh-view.jpg]