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Local colleges a key part of the regional economy
akline@bizjournals.com | 716-541-1612
The 11 private colleges and universities in Western New York are significant contributors to the regional economy, according to a new report.
How large is the contribution? The study says $1.3 billion in 2009. That's up from $1.2 billion in 2007.
The report is the product of an economic analysis by the Center for Government Research released Jan. 26 by New York state's Commission on Independent Colleges and Universities.
In total, the state's independent higher-education institutions contributed $54.3 billion to the state's economy in 2009, the study says. That compares to $47.5 billion in 2007.
"This study reaffirms the critical role that independent colleges and universities play in the New York state economy," said researcher Kent Gardner, president of the Center for Government Research, in a release. "We know that the knowledge sector has become the focal point for 21st century innovation. What some may forget is that these campuses are significant private-sector employers, too. Educational institutions - particularly independent colleges and universities - also are significant contributors to their regional economies, attracting students (and their dollars) from other regions and states."
Specific 2009 data for the region's private colleges and universities:
• Enrollment: 25,906
• Degrees granted: 7,742
• Employment: 12,200
• Payroll: $456 million
• Institutional spending: $1.1 billion
• Student and visitor spending: $216 million
The Commission on Independent Colleges and Universities represents 113 private institutions. More information is available at cicu.org/publicationReports/.


