2015 Economic Impact Study

Estimated total direct spending by institution 2015 ($): $25,300,000
Actual or estimated construction spending history? Actual
Estimated annual average construction spending ($): $2,000,000
Estimated Output Impact (institution plus estimated annual construction plus spillover impacts $): $56,000,000
Estimated Labor Compensation (institution plus estimated annual construction plus spillover impacts $): $25,000,000
Estimated Student & Visitor Impact (both direct & spillover $): $10,000,000
Estimated Medical Center Impact ($): n/a
Grand Total Economic Impact (direct & spillover $): $66,000,000
Estimated NYS Personal Income Tax Revenue ($): $1,400,000
Estimated State & Local Sales Tax Revenue ($): $400,000
Estimated Direct Employment: 260
Estimated Total Employment (direct & spillover): 550


As an employer and consumer in the Central New York region, Cazenovia College is part of the $79.6 billion impact that the independent higher education sector has on the New York State economy. Closer to home, however, Cazenovia College is a major economic contributor to the local community through local expenditures associated with its payroll, operating expenses, students, parents, employees, alumni and visitors' spending, and capital projects.

Every year, Cazenovia College's contribution to the vitality of the region can be seen through the purchase of goods and services - a large percentage of which are procured in Central New York. By utilizing area suppliers, the College builds on the strength and ability of these businesses to offer more products and services to the College and others at a better price.


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NOTES
The figures in this study were compiled by the Council on Independent Colleges and Universities in New York State.

These estimates were developed for the purpose of creating an accurate STATEWIDE statistic and are based on reported IPEDS figures for 2014-15 when available, trended forward for purposes of the study. Variation across campuses is to be expected. If construction spending history was provided to CGR, the figure displayed represents the institution’s experience, as reported to CGR. If the third line on this report reads “Estimated” the figure is based on the experience of institutions responding to CGR’s survey. The experience of visitor and student spending will vary significantly across institutions. This figure should be used advisedly by individual campuses and clearly indicated as interpolated from a statewide estimate. Local estimates can and should be substituted where available. Contact CGR for help with the multiplier. Spillover benefits, although allocated proportionate to each institution, are STATEWIDE, not regional.

Employment figures are estimates, despite the apparent accuracy of the presentation. Appropriate syntax would make liberal use of modifiers such as “about” and “approximately” with the figure rounded to the nearest hundred.