Gross Payroll & Benefits:
$11.2 million
Purchases in the Local Marketplace:
$4.0 million
Out-of-Pocket Expenditures: (students, parents, employees, alumni, visitors)
$3.5 million
Capital Projects:
$6.0 million
Direct Economic Impact (Subtotal):
$24.7 million
Total 2005-06 Cazenovia College Economic Impact (**):
$49.4 million
As an employer and consumer in the Central New York region, Cazenovia College is part of the $41.4 billion impact (*) that the independent higher education sector has on the New York State economy. Closer to home, however, Cazenovia College is a major economic contributor to the local community through local expenditures associated with its payroll; operating expenses; students, parents, employees, alumni and visitors’ spending; and capital projects.
The Cazenovia College workforce, which is defined to include students in this context, contributes significantly to the Cazenoviaarea economy as well as that of Central New York. The College employs 232 full-time employees, 135 part-time employees, and approximately 200 students each year under work-study agreements, all of which are wage earners and consumers.
Every year, Cazenovia College’s contribution to the vitality of the region can be seen through the purchase of goods and services - a large percentage of which are procured in Central New York. By utilizing area suppliers, the College builds on the strength and ability of these businesses to offer more products and services to the College and others at a better price. With the exception of a real estate purchase, bringing a student, parent, or visitor into the region is very similar to having a new resident move into the Village. Pizza, coffee, gas, overnight lodging, sundries and other expenses add up.
At any given time, Cazenovia College is working to modernize and improve facilities. The addition of Shove Suites, remodeling of the Dining Hall, construction of the Student Center and improvements made to the campus parking lot all constituted new building construction and renovation projects that pumped significant capital dollars into the regional community in 2005-2006.
__________________________________________________________
(*) Solutions for New York - The Economic Significance of Independent Colleges & Universities in New York State, Center for Governmental Research, July 2006.
(**) Econometric multipliers are used to determine the impact of dollars spent within a local area. This spending power creates a demand for goods and services and creates jobs and businesses, which in turn generates more spending power. Cazenovia College uses an econometric multiplier of 2.0, meaning every dollar spent circulates within the community an average two times, although the actual multiplier may be substantially higher.
$11.2 million
Purchases in the Local Marketplace:
$4.0 million
Out-of-Pocket Expenditures: (students, parents, employees, alumni, visitors)
$3.5 million
Capital Projects:
$6.0 million
Direct Economic Impact (Subtotal):
$24.7 million
Total 2005-06 Cazenovia College Economic Impact (**):
$49.4 million
As an employer and consumer in the Central New York region, Cazenovia College is part of the $41.4 billion impact (*) that the independent higher education sector has on the New York State economy. Closer to home, however, Cazenovia College is a major economic contributor to the local community through local expenditures associated with its payroll; operating expenses; students, parents, employees, alumni and visitors’ spending; and capital projects.
The Cazenovia College workforce, which is defined to include students in this context, contributes significantly to the Cazenoviaarea economy as well as that of Central New York. The College employs 232 full-time employees, 135 part-time employees, and approximately 200 students each year under work-study agreements, all of which are wage earners and consumers.
Every year, Cazenovia College’s contribution to the vitality of the region can be seen through the purchase of goods and services - a large percentage of which are procured in Central New York. By utilizing area suppliers, the College builds on the strength and ability of these businesses to offer more products and services to the College and others at a better price. With the exception of a real estate purchase, bringing a student, parent, or visitor into the region is very similar to having a new resident move into the Village. Pizza, coffee, gas, overnight lodging, sundries and other expenses add up.
At any given time, Cazenovia College is working to modernize and improve facilities. The addition of Shove Suites, remodeling of the Dining Hall, construction of the Student Center and improvements made to the campus parking lot all constituted new building construction and renovation projects that pumped significant capital dollars into the regional community in 2005-2006.
__________________________________________________________
(*) Solutions for New York - The Economic Significance of Independent Colleges & Universities in New York State, Center for Governmental Research, July 2006.
(**) Econometric multipliers are used to determine the impact of dollars spent within a local area. This spending power creates a demand for goods and services and creates jobs and businesses, which in turn generates more spending power. Cazenovia College uses an econometric multiplier of 2.0, meaning every dollar spent circulates within the community an average two times, although the actual multiplier may be substantially higher.