ECONOMIC IMPACT 2022-23 - INSTITUTION SUMMARY
Paul Smith's College
Paul Smiths, NY (12/10/2024) — Private, nonprofit colleges and universities in New York have a significant economic impact on their communities. The total economic impact highlighted on the attached includes spending on research and development, construction, technology, salaries, and other operating expenses plus the impact of spending by students and visitors in the community.
Institution Impact: $49,100,000. This includes spending on research, construction, instruction, technology, salaries, and other operating expenses. Spillover spending, or indirect and induced spending, is included here and refers to the business-to-business activity generated by the institution and household-to-business spending from income earned as a result of direct and indirect activity.
Student and Visitor Impact: $6,600,000. This includes discretionary spending by students combined with money spent by campus visitors attending parents' weekends, conferences, sporting events, and other campus activities. Direct spending by students and visitors creates spillover spending, which is also included here.
Jobs: Faculty, administrators, and support service professionals work side-by-side to support the missions of New York's private, nonprofit colleges and universities. Paul Smith's College supported 400 jobs in fiscal year 2022-23, this includes 200 jobs on campus. These jobs have a combined payroll of $16,900,000.
In addition to jobs, the tax benefit to New York State and its communities cannot be discounted. Employees at this institution and others whose employment is dependent upon it, contributed an estimated $1,100,000 in state personal income tax revenue and state and local sales tax revenue in fiscal year 2022-23.
About Paul Smith's College
At Paul Smith's College, it's about the experience. As the only four-year institution of higher education located in the Adirondack Park in upstate New York, Paul Smith's provides real-world, hands-on learning in fields such as business and hospitality, culinary management, forestry, environmental sciences and natural resources. We are able to draw on industries and resources available in our own backyard while preparing students for successful careers anywhere. Our community of resourceful, enterprising, supportive and adventurous individuals collectively provide experiential education, student support in the classroom and beyond, and meaningful opportunities for our alumni. We pride ourselves on research and advocacy on issues that improve our planet and the lives of the people who inhabit it. Learn more at paulsmiths.edu
The Integrated Postsecondary Education Data System is the primary source for institution data.
Independent Colleges and Universities | 17 Elk Street | Albany, NY 12207
(518) 436-4781 | www.cicu.org | cicu@cicu.org
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Economic Impact 2022-23--Institutional Summary