Study shows Clarkson University creates $270 million economic impact on regional economy
POTSDAM -- Clarkson University provides an economic impact of more than $270 million to the regional North Country, according to the Commission on Independent Colleges and Universities.
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 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 $103.2 million by New York State for its Strategic Development Plan. The plan was one of four Best Plan Award winners and was also the second-highest amount granted to the 10 councils statewide.
"Clarkson University is one of the primary anchor tenants here in the North Country and plans on being here for a long, long time," said Clarkson University President Tony Collins. "Our students, faculty, staff, parents and visitors have been driving our economy for nearly 128 years and today there is even more involved. For example, our Shipley Center for Innovation has facilitated 42 new start-ups and currently has more than 106 projects in the pipeline, serving as an engine for regional economic development by engaging in the creation of new enterprises capitalizing on emerging technologies."
Study results of the Clarkson's economic impact follow:
Estimated total direct spending by institution 2011 ($): $102,470,673
Actual construction spending history:
Estimated annual average construction spending ($): $13,568,421
Estimated Output Impact 2011 (institution plus estimated annual construction plus spillover impacts $): $239,599,755
Estimated Labor Compensation 2011 (institution plus estimated annual construction plus spillover impacts $): $103,798,447
Estimated Student & Visitor Impact (both direct & spillover $) $31,232,310
Estimated Medical Center Impact ($): $
Grand Total Economic Impact (direct & spillover $): $270,832,064
Estimated NYS Personal Income Tax Revenue ($): $5,456,285
Estimated State & Local Sales Tax Revenue ($): $1,602,750
Estimated Direct Employment: 1,081
Estimated Total Employment (direct & spillover) 2,238
Estimated “Spin off” Jobs from Research: 49
These estimates were developed for the purpose of creating an accurate state wide statistic and are based on reported IPEDS figures for 2009-10 when available, trended forward for purposes of the study. Variation across campuses is to be expected. If construction spending history was provided to CGR, the figure displayed represents the institution’s experience, as reported to CGR.
Employment figures are estimates, despite the apparent accuracy of the presentation. Appropriate syntax would make liberal use of modifiers such as “about” and “approximately” with the figure rounded to the nearest hundred.