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Report: Clarkson University delivers $344.7 million economic impact to North Country

Posted 12/12/18

POTSDAM -- An economic analysis report by the Center for Governmental Research says that Clarkson University provided an economic impact of $344.7 million to the North Country regional economy last …

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Report: Clarkson University delivers $344.7 million economic impact to North Country

Posted

POTSDAM -- An economic analysis report by the Center for Governmental Research says that Clarkson University provided an economic impact of $344.7 million to the North Country regional economy last year.

The impact was through its institutional operations and jobs related to supporting student services and commercialization of research, according to the report.

Expenditures by institutions like Clarkson generate state and local tax revenues, as well as personal income tax revenue. Working with the Commission on Independent Colleges and Universities, the Rochester-based Center reported that independent colleges and universities generated $88.8 billion in total economic impact for New York State in 2017.

Clarkson, combined with St. Lawrence University and Paul Smith's College of Arts and Sciences, contributed $703 million to the North Country region.

In 2016-17, private colleges and universities awarded 50 percent of all bachelor’s degrees in New York, 73 percent of the master’s, and 79 percent of the doctoral and first professional degrees.

“While our primary economic impact is in the North Country, our campuses in the Capital Region and Hudson Valley are indicative of our evolving statewide influence,” said Clarkson President Tony Collins. “As a private, nationally-ranked technological research university and innovation incubator, our expanding corridor of academic, research and community influence stretches from Potsdam to New York City. We focus on bringing research, thought leadership and innovation together, to create tangible commercial value, entrepreneurial growth, and to benefit society at large.”

“With powerful purpose and intentionality to achieve results, Clarkson University and its students actively engage in public-private partnerships to advance economic development opportunities and programs that make our communities great places to live, learn, work and visit,” said Vice President for External Relations Kelly O. Chezum. "Clarkson is fully committed to fulfilling its role to provide public good in our local and regional communities, as well as New York State.”

These partnerships pay off for students. With a job placement rate of 96%, a degree from Clarkson University also translates into higher-than-average starting salaries, according to Brookings Institute. Those numbers place Clarkson in the top ten nationwide for return on investment in education. By PayScale standards, the early career salary for grads is $65,100. In their mid-career, Clarkson alumni average $128,200.

One example of public-private partnerships is Clarkson’s Shipley Center for Innovation, which serves as the home for one of New York State’s Innovation Hot Spots. Working with regional economic development partners and research centers across the campus, Shipley staff have facilitated more than 175 new start-ups and have assisted on more than 415 projects located throughout the regions.

There are 60 active projects currently in the pipeline, demonstrating a strong engine for regional economic development through engagement in the creation of new enterprises capitalizing on emerging technologies.

After seven years of operation, the incubator is seeing successes, including LC Drives, a company that makes high-powered efficiency motors for boats, wind turbines, and buses and Potsdam Sensors, a company that builds a low-cost sensor to examine tiny air particles that impact health and climate, according to Clarkson.

Examples where square footage is dedicated to for-profit activities include Clarkson Hall, Peyton Hall and Lewis House on the downtown campus, which have portions rented to regional for-profit businesses. Damon Hall, which was vacant for ten years has been converted into a light manufacturing incubator and opened in 2017. In addition to contributions to support community services, CU also pays property taxes on the Clarkson Inn and the University Bookstore.