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St. Lawrence University’s economic impact on North Country up to $276 million a year

Posted 1/18/15

CANTON -- A recent study shows that St. Lawrence University’s economic impact on the North Country region of New York increased nearly $15 million over the last two years to $276 million. The …

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St. Lawrence University’s economic impact on North Country up to $276 million a year

Posted

CANTON -- A recent study shows that St. Lawrence University’s economic impact on the North Country region of New York increased nearly $15 million over the last two years to $276 million.

The study, conducted by the Center for Governmental Research (CGR) based in Rochester on behalf of New York’s Commission on Independent Colleges and Universities (CICU), indicated that in 2013 St. Lawrence’s direct spending in the region totaled $115.5 million, while construction spending contributed another $8.75 million. Meanwhile, St. Lawrence directly employed 880 people, and it helped create or support an additional 1,000 jobs in the region.

The three private colleges of the North Country, which include Clarkson University, Paul Smiths College and St. Lawrence, contributed $680 million to the region, which included more than $69 million in student and visitor spending. The three institutions directly employed nearly 2,000 people and helped create another 210 construction jobs.

“Higher education is a proven and powerful economic catalyst, bringing benefits to host communities,” said President William L. Fox. “Through creating and maintaining jobs, purchasing of goods and services, spending by students, families and alumni visitors, and other financial contributions, colleges help propel economic development, a mission we take very seriously.”

According to CICU, nearly 1.3 million students enroll annually at colleges and universities in New York State with 39 percent attending a private, not-for-profit institution.

The CGR study showed that that independent colleges and universities in New York State contributed $74.3 billion to the state’s economy in 2013. This represents an increase of $11.1 billion, or 17.6 percent, since 2011. In addition, New York State’s Independent Sector directly employs 190,500 people, an increase of nearly 10,000 jobs, or 5 percent, since 2011.

A copy of CICU’s economic impact report for the North Country is available at www.cicu.org/economic-community-impact/region/north-country.