Herkimer College's Economic Impact on the Region
An economic impact study conducted by Lightcast highlights the significant role Herkimer College plays in driving regional economic growth. The study was commissioned through a collaboration in which Lightcast measured and analyzed the economic impact for each of the 30 SUNY community colleges and the SUNY community college sector, as a whole.
The study found that Herkimer College contributed $149.8 million to the service region in fiscal year 2022-23, reinforcing the institution’s value as an economic engine for the community. Among the key findings:
- College operations Impact: Herkimer College significantly contributes to the local economy through employment and spending. In FY 2022-23, 94% of its 241 employees lived in the region, with a payroll of $15.9 million supporting local businesses. The college also spent $11.9 million on facilities, supplies, and services, generating a total regional economic impact of $19.9 million.
- Student Impact: In FY 2022-23, 26% of Herkimer College students came from outside the region, with some relocating to attend. Additionally, some local students stayed in the region because of the college. Their combined spending on living expenses contributed $2.4 million to the regional economy.
- Alumni Impact: Herkimer College's greatest impact comes from educating students who strengthen the regional workforce. Thousands of alumni contribute to higher earnings and increased business productivity. In FY 2022-23, their presence added $127.5 million to the regional economy, supporting 1,301 jobs.