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:
- The annual economic bottom line: $965 million to Broome and Tioga counties, $1.28 billion to New York state.
- Every dollar the state invests in Binghamton is returned eight-fold to the state.
- Binghamton University's impact on output in the region constitutes an estimated 12% of the GDP in Broome and Tioga counties.
- The University is one of the largest employers in Greater Binghamton, with nearly 5,000 faculty, staff and student employees who earned more than $275.4 million in fiscal year 2011.
- Binghamton University supports more than 11,000 jobs in all of New York state.
- The University's 53,802 alumni living and working in the state earned over $2 billion and paid more than $100 million in state sales and income taxes during FY2011.
- Binghamton University students spent approximately $96 million in the region during FY2011.
- Since its first event in January 2004, the University's Events Center has been making a $20 million annual impact on the regional economy.
- Binghamton's research growth is among the highest in New York and our patent licensing revenue has doubled in the last five years.
- Since 1978, the Trade Adjustment Assistance Center at Binghamton has helped more than 1,200 New York firms, providing them with $53+ million in assistance.
- Since its inception in 1984, the Small Business Development Center in Binghamton has assisted 13,000+ clients and helped to raise more than $172 million in private and public funding for their businesses. It has also helped create or save more than 10,000 jobs across the Southern Tier.
- University students volunteer more than 280,000 hours for area businesses, charitable organizations and governments each year. These efforts carry an annual value exceeding $5.9 million and enable recipient organizations to achieve goals and complete projects that would otherwise be impossible to accomplish.
- For seven consecutive years, Binghamton University has been named to the President's Higher Education Community Service Honor Roll for distinguished community service. The University is also among the Peace Corps' top 25 volunteer-producing colleges and universities, having had more alumni serve in the Peace Corps than any other school in the SUNY system.
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.