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Barbara Fiala
Barbara J. Fiala
  • New York DMV Commissioner

    "Binghamton University is a leading state campus that continues to develop a world class identity. It is a gateway to opportunity that yields some of the brightest professionals in all of New York State."

Economic Impact

Gov. Cuomo's August 2012 approval of Binghamton University's NYSUNY 2020 challenge grant proposal (365kb .pdf) reinforces the University's unique role as a catalyst for job creation, research and as educators of the state's next-generation workforce. This plan leverages Binghamton's academic excellence, cutting-edge research and economic development initiatives to jump-start a new era of powerful and productive returns to the local community and New York state. 

This builds upon the already significant economic impact the University has:

Expected Economic Impact of NYSUNY 2020 Challenge Grant Plan

Under NYSUNY 2020, the University's economic impact will increase $77.5 million annually. This will include the creation of more than 840 new jobs in the region in five years. The University's overall annual economic impact on New York state will reach $1 billion by 2017.

Highlights of the plan:

  • The University will increase the number of enrolled students by 2,000 by the year 2017. These new students will live, work and recreate in the Southern Tier, contributing their time — and their spending — to the social vitality and economic health of the region. 
  • Construction of a state-of-the-art Smart Energy Research and Development Facility will fuel research, teaching and entrepreneurial activity in energy-related disciplines.
    • Projects in these disciplines will generate additional federal and industry research dollars, producing a self-sustaining effect on job creation.
    • The infusion of $35 million in capital funding will play a critical role in spurring building construction, which will serve as the physical incubator of new ideas, new jobs and new companies. 
    • The construction component of the project will support 252 construction-related jobs annually for every year of construction. 
  • To keep pace with the growth of enrollment, the plan calls for an increase in faculty and staff hiring on the Binghamton University campus, totaling 385 new jobs. In addition, 455 jobs will be created in the region for a total of 840 new jobs in Broome and Tioga counties.
  • An additional $6 million in new property tax revenue will be produced each year. The additional students and employees will generate more property taxes on an annual basis, increasing the tax base without increasing the tax burden on individual taxpayers.
  • Existing partnerships will be strengthened and new collaborations will be forged with industry and other organizations. These partnerships are a key source of economic strength and vitality in the region. They also have a real-world benefit for students, serving as the basis of internships and fellowships that give students on-the-job training, making them better prepared and more competitive when they enter the workforce. 
  • The Southern Tier and New York state will be solidified as a leader in green energy research and development. The Smart Energy Initiative will bring together University research and industry expertise to generate new knowledge, create new businesses, and attract entrepreneurs and investments in one of the most promising areas for economic growth.
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Last Updated: 6/9/14