11/15/12

Study Shows St. Lawrence University Has $262 Million Economic Impact On Region

CANTON - A new study shows that the economic impact of St. Lawrence University on the region is over $262 million. The total combined impact of the region's three private higher education institutions - St. Lawrence, Clarkson University and Paul Smiths College - is $593.5 million.

Total direct spending by St. Lawrence in 2011 was over $113 million, with direct employment of 809.

Economic analysis was conducted by the Center for Governmental Research (CGR), through the Commission on Independent Colleges and Universities (CICU).

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. 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 increase of $15.7 billion (33.1%) from 2007.

"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."

For specific information about St. Lawrence's economic impact, click here.

For more information on statewide impact, visit the CICU website.