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Binghamton University’s Economic Impact Analysis for FY 03-04

Binghamton University’s Economic Impact Analysis for FY 03-04. Daniel D. Jardine, Research Analyst, Institutional Research & Planning Binghamton University. Background.

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Binghamton University’s Economic Impact Analysis for FY 03-04

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  1. Binghamton University’s Economic Impact Analysis for FY 03-04 Daniel D. Jardine, Research Analyst, Institutional Research & Planning Binghamton University

  2. Background • Provides an Estimate of the Economic Impact Binghamton University has on the Local and State Economies in terms of Dollars and Jobs for FY03-04 • Key Question: What would the community “look like” if the University were to suddenly evaporate? (BU has approximately 14,000 students and 2,750 Faculty and Staff FTE) • Report used to be done by BU Controller. OIRP has done the last 2 reports.

  3. Organization of Report • Direct Economic Impact - Economic Impact Attributed to Direct University Expenditures on Wages and Salaries, Goods and Services and Construction • Indirect Economic Impact - Economic Impact related to Student Spending and “Visitor” Spending (Conferences, Graduation Weekend, Athletic Events, etc.) • Other Effects on Local and State Economy - Student Volunteering, Alumni Earnings/Taxes, etc.

  4. Data Sources • For Direct Economic Impact: IPEDS GASB 34 Finance Survey - Expenditures on Wages and Salaries - Expenditures on Goods and Services State University Construction Fund (SUCF) Dormitory Authority – (DASNY) (note: BU Facilities Planner Reviewed to confirm FY03-04 expenditures) • For Indirect Economic Impact: Institutional Data – On-Campus/Off Campus Students Off-Campus Student Survey University Events Coordinator, Alumni Office, Athletics, etc. Survey of Local Hotels

  5. RIMS II - Multipliers • U.S. Department of Commerce, Bureau of Economic Analysis’ Regional Input-Output Modeling System (RIMS II). • Estimates the “Ripple Effect” of an industry on a geographic area. (The additional effect of a dollar as it circulates through the economy) • University Expenditures have a multiplier of 1.7 for County Impact and 2.17 for State Impact. • Each $1 million in spending supports 24 County jobs and 29 State jobs

  6. Results • Direct University Expenditures of $313 million - Impact of $532 million on Broome County - Impact of $680 million on NYS economy - Supports 7,500 jobs in County & 9,000 jobs in NYS

  7. Results (continued) • Indirect Spending of $88 million - Impact of $150 million on Broome County - Impact of $192 million on NYS economy - Supports 2,100 jobs in County & 2,600 jobs in NYS

  8. Results (continued) • Total Direct plus Indirect Expenditures of Over $400 million - Impact of $682 million on Broome County - Impact of $871 million on NYS economy - Supports 9,600 jobs in County & 11,600 jobs in NYS • For every $1 in State Support, over $6 are returned to the Local Economy and over $8 are returned to the State Economy (matches State Impact figure on SUNY Fast Facts Web Page)

  9. Comparison to SUNY Centers

  10. Examples of “Other” Impacts on the Community • Student Volunteering and Internships - Estimated that 2,700 students provided an average of 50 hours per year in Volunteering services = 135,000 hours. - Internships and Clinicals estimated at over 275,000 hours per year. - According to article in The Independent Sector, “The Value of Volunteer Time” is worth over $16/hr. Total value of over $6.6 million

  11. “Other” Effects (continued) • Alumni - Approximately 45,000 BU Alumni of working age living in New York State. - Estimated that these Alumni earn over $2 Billion per year - Conservative Estimate of $71 million in State Income Tax and $44 million in State Sales Tax annually

  12. “Ripple Effect” of Report • Impact Analysis of BU Events Center (result of hosting 2005 America East Men’s Basketball Tournament – Opened January, 2004) • “The $33.1 Million Events Center”

  13. Ripple Effect of Report (cont) • Special Features by 2 Local Television Stations • Report Summaries sent to Local Media and story on Local Radio - Article in Central New York Business Journal • All very positive and stress importance of University to the Local economy

  14. Contact Information Daniel D. Jardine djardine@binghamton.edu Binghamton University http://www.binghamton.edu

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