A recent study found that Clarkson University provided a $346.9 million impact to the North Country’s economy based on data from 2019, through its institutional operations and jobs related to supporting student services, research and construction. The report comes from the Center for Governmental Research, on behalf of the Commission on Independent Colleges and Universities (CICU).
Expenditures by institutions like Clarkson generate state and local tax revenues, as well as personal income tax revenue. The Rochester-based Center reported that independent colleges and universities generated $97.6 billion in total economic impact for New York State in 2019, which is a 10 percent increase over 2017. In addition, New York State’s Independent Sector directly employed 193,000 people on campuses throughout the state, an increase of three percent over 2017.
“These findings prove the vitally important role that private institutions like Clarkson play as job creators and economic engines throughout New York State,” said Clarkson President Tony Collins.
The study estimates that Clarkson was responsible for 2,320 jobs in the region from both direct and indirect employment through construction and other activities. Another 40 jobs were estimated to have been created from research conducted by the University.
The study looked at three components of total economic impact: institutional impact, which includes spending on instruction, research, construction, salaries and spillover spending; student and visitor impact, which includes spending by students at local stores and restaurants and spending by campus visitors including parents, conference attendees, and sporting event attendees; and academic medical center impact, which includes patient revenue and the benefit of residents and fellows at New York’s nine academic medical centers.
New York’s private, not-for-profit colleges and universities educate nearly 500,000 students annually – 39 percent of the total college students enrolled in the state – and confer 50 percent of the bachelor’s degrees, 73 percent of the master’s degrees, and 79 percent of the doctoral and professional degrees awarded in the state.