Clarkson provides $344.7M economic impact to north country

Clarkson provides 4.7M economic impact to north country

POTSDAM — A recent report by the Center for Governmental Research found that Clarkson University’s economic impact to the north country was $344.7 million from 2016-2017, an increase of $22 million from the same report for 2014-2015. Paul Smith’s College and St. Lawrence University combined provided $358.3 million to the north country.The biannual report by the Center for Governmental Research — a nonprofit that, among other things, evaluates the economic impact of educational institutions and governments — examined the school’s direct and indirect fiscal impacts from the university. Direct impacts include salaries for faculty and staff. The direct spending by Clarkson was $139.2 million, according to the report. The remaining millions of dollars came from construction costs, student and visitor impact, and spillover impacts. Spillover impacts are economic effects that the school might have unintentionally caused through its own economic impact. Students and visitors caused $40.7 million in direct and spillover impacts. The estimated annual average of construction spending was $7.8 million, and the estimated labor compensation was $133.5 million. These construction costs do not include that conducted by the school’s personnel. It counts only local or regional construction businesses. According to Clarkson University Vice President for External Relations Kelly O. Chezum, the numbers from the Center for Governmental Research are where they want them to be.“Our undergraduate enrollment is right where we would like it to be. We certainly are always striving to increase our graduate enrollment. The reality is … more of those programs are being done online in the overall higher education marketplace,” Ms. Chezum said.She said schools in the local community help provide consistent economic benefits to the community. “We work very hard to collaborate with the regional economic development community to make this a very vibrant place to live or study or visit, so we take very seriously our role as an anchor tenant in the community,” Ms. Chezum said. “Higher education is typically an employer in the region that’s not going anywhere. We’ve been here since 1896. Our business model and our infrastructure is here in Potsdam, New York and is not something that’s going to be moving away.” Ms. Chezum said she believes that in 2020, when the next report comes out, the economic benefits to the north country will have increased, especially because the report will reflect the $23 million construction of the Cheel Arena.
Source: Watertown Daily Times Latest News
Clarkson provides 4.7M economic impact to north country

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