ONEONTA – Hartwick College generated an estimated $123 million in total economic impact on the Mohawk Valley region in 2017, according to the Commission on Independent Colleges & Universities. More than $49 million was a result of direct spending by the institution, a new CICU study reported.
The survey results were part of a larger CICU study that examined the economic impact of its more than 100 member institutions statewide. Last year, these institutions added $88.8 billion to the state’s economy. Institutions in the Mohawk Valley region, including Hartwick, Hamilton College, Utica College and St. Elizabeth’s College of Nursing, contributed $683 million.
Also noted in the survey, Hartwick College accounted for $5.4 million in average annual construction spending, up $700,000 from the previous survey in 2015. In 2017, the College opened its new $7.1 million living-learning apartment community on campus, which houses 72 upper-class students.
“Hartwick College feels very privileged to be part of the community and be a major contributor to the economy of the region,” said Vice President for Finance Dorothy Lewis.
This statewide CICU survey looked at three main components in determining total economic impact:
- Institutional Impact, which includes spending on instruction, research, construction, salaries and spillover spending
- Student and Visitor Impact, which includes spending by students at local stores and restaurants and spending by campus visitors including parents, conference attendees, and sporting event attendees
- Academic Medical Center Impact, which includes patient revenue and the benefit of residents and fellows at New York’s nine academic medical centers.
Other statistics reported in the survey included the amount of New York State personal income tax revenue contributed by each institution; state and local sales tax revenue generated; and “spin off” jobs from research done at each institution.
At the time of the survey, Hartwick College boasted a total employment of 850 full- and part-time faculty and staff (direct and spillover).