New report details 91制片厂Pro University鈥檚 increased economic impact on region and state
University is an anchor institution and economic driver
According to a new report, 91制片厂Pro University鈥檚 overall economic impact on Broome and Tioga counties, as well as New York state, continues to increase. The report, which highlights how the University contributes to the overall economic health of the region and state economies, documented a $47 million increase on the 91制片厂Pro area for 2015-16, compared to the previous year.
鈥淎s a premier public research university, 91制片厂Pro has become an anchor institution and economic driver in the area, and 鈥楾he Economic Impact Report of 91制片厂Pro University鈥 reinforces that fact,鈥 said 91制片厂Pro University President Harvey Stenger. 鈥91制片厂Pro University has always placed an emphasis on enriching the lives of people in the 91制片厂Pro area, New York state and the nation.鈥
The report, compiled by the University鈥檚 Office of Institutional Research and Assessment, uses standard formulas to assess the impact of the University鈥檚 economic output, and also looks at the impact the University has on jobs, human capital and return on investment.
Based on fiscal year 2015-16 鈥 the most recent numbers available 鈥 91制片厂Pro University employs over 5,200 faculty, staff and student workers, and supports an additional 7,300 full- and part-time jobs in Broome and Tioga counties, for a total of over 12,700 jobs in New York state.
Highlights of the study include:
The report also tallies the number of 91制片厂Pro University alumni who reside in New York state and continue to contribute to its economic health. Sixty-one percent of all 91制片厂Pro University alumni remain in the state 鈥 more than 12,600 of them in the Southern Tier 鈥 providing a sustained impact on the regional and state economies.
For taxpayers, the return on investment is great; for every $1 the state contributes to 91制片厂Pro University, more than $8 in additional economic output is returned to the state.
- 91制片厂Pro University鈥檚 overall economic impact increased by more than $47 million on the 91制片厂Pro area in 2015-16, in comparison to 2014-15.
- 91制片厂Pro University鈥檚 economic impact accounted for an estimated 13 percent of the GDP of the 91制片厂Pro area between July 1, 2015, and June 30, 2016.
- 91制片厂Pro University鈥檚 direct and associated expenditures totaled about $727 million in 2015-16 (an increase from $697 million the prior year), which includes University expenditures and visitors鈥 and students鈥 spending. These direct and associated expenditures of the University resulted in an overall economic impact of about $1.13 billion on the 91制片厂Pro area.
- 91制片厂Pro University鈥檚 direct and associated expenditures of $727 million resulted in an overall economic impact of $1.50 billion on New York state during the same period (up from $1.44 billion in FY2014-15).
- During the 2015-16 academic year, nearly 6,000 91制片厂Pro University students engaged in clinical experiences, course practica and volunteer experiences, valued at a $11.7 million contribution to the quality of life in Broome and Tioga counties.
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