Hamilton College Has $331 Million Economic Impact on Mohawk Valley According to New Report
Private Non-Profit Colleges & Universities Contribute $97 billion to NY’s 2022-2023 Economy
Clinton, N.Y. – Private, nonprofit colleges and universities in New York have a significant economic impact on their communities. A new economic impact study recently released by the Albany-based Commission on Independent Colleges and Universities (CICU) for its members found that Hamilton College’s estimated economic impact in the Mohawk Valley for 2022-2023 totaled $331 million. The total economic impact includes spending on research and development, construction, technology, salaries, and other operating expenses plus the impact of spending by students and visitors in the community.
The study estimated the college’s impact totaled $311,100,000 and spending by students and visitors totaled $19,800,000 million. This includes discretionary spending by students combined with money spent by campus visitors attending parents’ weekends, conferences, sporting events, and other campus activities.
Hamilton College supported 1,800 jobs in fiscal year 2022-23, including 900 jobs on campus. These jobs have a combined payroll of $117,300,000. In addition to jobs, the tax benefit to New York State and its communities cannot be discounted. Employees at Hamilton and others whose employment is dependent upon it, contributed an estimated $8,000,000 in state personal income tax revenue and state and local sales tax revenue in fiscal year 2022-23.
“Hamilton College has a very real direct economic impact on our communities in the Mohawk Valley every day,” said Hamilton President Steven Tepper. “As is true with other higher education institutions in our area, it also has a significant impact on the world through the businesses, innovations, and ideas advanced by its graduates over decades.”
New York’s independent colleges and universities contributed $97 billion to the state’s economy in 2022-2023. In addition, New York State’s Independent Sector directly employs 196,000 people. When indirect and induced effects are considered, the sector is responsible for 407,000 jobs across the state. The full study may be accessed here. https://www.cicu.org/economic-impact/
Founded in 1956, The Commission on Independent Colleges and Universities in New York represents the public policy interests of chief executives of New York’s independent colleges and universities in New York State. CICU works to develop consensus among a diverse membership and to advance higher education policy.
