Syracuse University (SU) has a massive economic impact on Central New York, estimated at around $1.8 billion each year. This figure comes from a recent report by Lightcast, a consulting firm that studied the university’s influence from the past academic year and prior years. The report, released earlier this year, highlights how SU affects local spending, jobs, and overall economic growth.
SU is more than just a university; it’s one of the main attractions in the city. With popular sports teams and a diverse community, it plays a significant role in the region’s economy. The report indicates that SU supports over 14,000 jobs. This includes 5,100 full-time staff, 2,400 part-time employees, and 6,500 student workers, which together contribute more than $567 million in payroll and benefits annually.
“Most of that money stays local. It helps people pay bills and buy groceries,” said Vice Chancellor Mike Haynie. Beyond salaries, SU spends nearly $90 million on operations, purchasing goods from New York-based companies. This brings the total economic effect to about $850 million.
Many people assume that SU doesn’t contribute to taxes because it is a non-profit. However, the university made $9 million in payments to the city last year, covering both service agreements and property taxes. These payments are crucial, especially with past agreements set up by former Mayor Stephanie Miner, which are expected to continue under future leadership.
When it comes to construction, SU had a significant impact as well, spending $156 million on projects in the 2023-2024 school year, which supported 595 jobs. Visitors also contribute to the local economy. An estimated 167,000 people traveled to Syracuse for university events in the same period. Each visitor spends about $463 on lodging, entertainment, and food, adding over $57 million to the local economy.
In terms of research, SU invested $176 million in various projects, with a large portion coming from federal funding. This research has led to numerous inventions and patents, showing SU’s role as a powerhouse in innovation.
Despite its achievements, Haynie expressed a desire to expand SU’s research efforts. “We need to grow. While we have success, we can achieve even more,” he remarked.
Notably, the university’s startups also make a big impact, generating over $781 million and employing more than 2,400 people. Student spending further boosts the economy, contributing more than $181 million in off-campus expenses during the 2023-2024 school year.
Improvements to facilities, like the upgrades to the JMA Wireless Dome, have also played a role in turning Syracuse into a hotspot for major events, driving even more visitors to the area.
Overall, SU is not just an educational institution; it’s a vital player in the local economy. According to the report, investing in SU not only benefits students but also saves money for the state in the long run, as graduates tend to require less government assistance, and communities with educated citizens often see lower crime rates.
For more detailed information, you can refer to the full report by Lightcast here.
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