Herkimer College Economic Impact Study Reveals $149.8 Million Contribution to Regional Economy

A newly released 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 for Herkimer College:

• Operational Impact: The college employed 241 full-time and part-time faculty and staff, 94% of whom lived in the Herkimer Service Region. Payroll totaled $15.9 million, much of which was spent locally, while additional spending on facilities, supplies, and services contributed to a total operational impact of $19.9 million.
• Student Spending Impact: In FY 2022-23, 26% of Herkimer College’s credit students came from outside the region, and some relocated to attend the college. Along with local students who may have otherwise left the region, these students spent money on housing, groceries, transportation, and other essentials, adding $2.4 million to the regional economy.
• Alumni Impact: Thousands of Herkimer College graduates contribute to the local workforce, earning higher wages and enhancing business productivity. In FY 2022-23, alumni generated $127.5 million in added income, the equivalent of supporting 1,301 jobs in the region.

"This study underscores the vital role Herkimer College plays not only in providing quality education but also in fueling economic development in our region," said Herkimer College Officer-in-Charge Nicholas Laino. "From creating jobs to supplying skilled graduates, Herkimer College is a key driver of prosperity in the Mohawk Valley."

According to the study, SUNY community colleges added $16.9 billion in income to the New York economy during the analysis year, equal to the sum of operations and construction spending impacts, the student spending impact, and the alumni impact.

Lightcast is a leading provider of economic impact studies and labor market data to educational institutions, workforce planners, and regional developers in the U.S. and internationally. Since 2000, Lightcast has completed over 3,000 economic impact studies for educational institutions in three countries.

For the full economic impact study report, visit www.herkimer.edu/impact.