Binghamton University’s Economic Impact Analysis for FY 03-04 Daniel D. Jardine, Research Analyst, Institutional Research & Planning Binghamton University.
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Binghamton University’s Economic Impact Analysis for FY 03-04 Daniel D. Jardine, Research Analyst, Institutional Research & Planning Binghamton University
Background Provides an Estimate of the Economic Impact Binghamton University has on the Local and State Economies in terms of Dollars and Jobs for FY03-04 Key Question: What would the community “look like” if the University were to suddenly evaporate? (BU has approximately 14,000 students and 2,750 Faculty and Staff FTE) Report used to be done by BU Controller. OIRP has done the last 2 reports.
Organization of Report Direct Economic Impact - Economic Impact Attributed to Direct University Expenditures on Wages and Salaries, Goods and Services and Construction Indirect Economic Impact - Economic Impact related to Student Spending and “Visitor” Spending (Conferences, Graduation Weekend, Athletic Events, etc.) Other Effects on Local and State Economy - Student Volunteering, Alumni Earnings/Taxes, etc.
Data Sources For Direct Economic Impact: IPEDS GASB 34 Finance Survey - Expenditures on Wages and Salaries - Expenditures on Goods and Services State University Construction Fund (SUCF) Dormitory Authority – (DASNY) (note: BU Facilities Planner Reviewed to confirm FY03-04 expenditures) For Indirect Economic Impact: Institutional Data – On-Campus/Off Campus Students Off-Campus Student Survey University Events Coordinator, Alumni Office, Athletics, etc. Survey of Local Hotels
RIMS II - Multipliers U.S. Department of Commerce, Bureau of Economic Analysis’ Regional Input-Output Modeling System (RIMS II). Estimates the “Ripple Effect” of an industry on a geographic area. (The additional effect of a dollar as it circulates through the economy) University Expenditures have a multiplier of 1.7 for County Impact and 2.17 for State Impact. Each $1 million in spending supports 24 County jobs and 29 State jobs
Results Direct University Expenditures of $313 million - Impact of $532 million on Broome County - Impact of $680 million on NYS economy - Supports 7,500 jobs in County & 9,000 jobs in NYS
Results (continued) Indirect Spending of $88 million - Impact of $150 million on Broome County - Impact of $192 million on NYS economy - Supports 2,100 jobs in County & 2,600 jobs in NYS
Results (continued) Total Direct plus Indirect Expenditures of Over $400 million - Impact of $682 million on Broome County - Impact of $871 million on NYS economy - Supports 9,600 jobs in County & 11,600 jobs in NYS For every $1 in State Support, over $6 are returned to the Local Economy and over $8 are returned to the State Economy (matches State Impact figure on SUNY Fast Facts Web Page)
Examples of “Other” Impacts on the Community Student Volunteering and Internships - Estimated that 2,700 students provided an average of 50 hours per year in Volunteering services = 135,000 hours. - Internships and Clinicals estimated at over 275,000 hours per year. - According to article in The Independent Sector, “The Value of Volunteer Time” is worth over $16/hr. Total value of over $6.6 million
“Other” Effects (continued) Alumni - Approximately 45,000 BU Alumni of working age living in New York State. - Estimated that these Alumni earn over $2 Billion per year - Conservative Estimate of $71 million in State Income Tax and $44 million in State Sales Tax annually
“Ripple Effect” of Report Impact Analysis of BU Events Center (result of hosting 2005 America East Men’s Basketball Tournament – Opened January, 2004) “The $33.1 Million Events Center”
Ripple Effect of Report (cont) Special Features by 2 Local Television Stations Report Summaries sent to Local Media and story on Local Radio - Article in Central New York Business Journal All very positive and stress importance of University to the Local economy
Contact Information Daniel D. Jardine firstname.lastname@example.org Binghamton University http://www.binghamton.edu