New report details Binghamton University’s increased economic impact on region and state
University is an anchor institution and economic driver
According to a new report, Binghamton University’s overall economic impact on Broome and Tioga counties, as well as New York state, continues to increase. The report, which highlights how the University contributes to the overall economic health of the region and state economies, documented a $47 million increase on the Binghamton area for 2015-16, compared to the previous year.
“As a premier public research university, Binghamton has become an anchor institution and economic driver in the area, and ‘The Economic Impact Report of Binghamton University’ reinforces that fact,” said Binghamton University President Harvey Stenger. “Binghamton University has always placed an emphasis on enriching the lives of people in the Binghamton area, New York state and the nation.”
The report, compiled by the University’s Office of Institutional Research and Assessment, uses standard formulas to assess the impact of the University’s economic output, and also looks at the impact the University has on jobs, human capital and return on investment.
Based on fiscal year 2015-16 — the most recent numbers available — Binghamton University employs over 5,200 faculty, staff and student workers, and supports an additional 7,300 full- and part-time jobs in Broome and Tioga counties, for a total of over 12,700 jobs in New York state.
Highlights of the study include:
The report also tallies the number of Binghamton University alumni who reside in New York state and continue to contribute to its economic health. Sixty-one percent of all Binghamton University alumni remain in the state — more than 12,600 of them in the Southern Tier — providing a sustained impact on the regional and state economies.
For taxpayers, the return on investment is great; for every $1 the state contributes to Binghamton University, more than $8 in additional economic output is returned to the state.
- Binghamton University’s overall economic impact increased by more than $47 million on the Binghamton area in 2015-16, in comparison to 2014-15.
- Binghamton University’s economic impact accounted for an estimated 13 percent of the GDP of the Binghamton area between July 1, 2015, and June 30, 2016.
- Binghamton University’s direct and associated expenditures totaled about $727 million in 2015-16 (an increase from $697 million the prior year), which includes University expenditures and visitors’ and students’ spending. These direct and associated expenditures of the University resulted in an overall economic impact of about $1.13 billion on the Binghamton area.
- Binghamton University’s direct and associated expenditures of $727 million resulted in an overall economic impact of $1.50 billion on New York state during the same period (up from $1.44 billion in FY2014-15).
- During the 2015-16 academic year, nearly 6,000 Binghamton University students engaged in clinical experiences, course practica and volunteer experiences, valued at a $11.7 million contribution to the quality of life in Broome and Tioga counties.