An economic impact study commissioned by the Albany-based Commission on Independent Colleges and Universities found that Hamilton College’s estimated economic impact in the Mohawk Valley for 2018-19 totaled $325.5 million.
The figure includes direct spending by the college for wages and benefits, instruction, and operating and maintaining the physical plant.
The study, conducted by the Center for Governmental Research in Rochester for CICU, estimated the college spent $5.4 million on construction and that spending by students and visitors totaled $20.5 million based on a statewide estimate. According to CGR, Hamilton employed 870 people and the economic activity generated by the college resulted in more than 920 additional jobs in the region.
“Hamilton College has a sizable economic impact in the Village of Clinton and the Mohawk Valley,” said Vice President for Administration and Finance Karen Leach. “In addition to the spending by our students, employees, and visitors, the college strives to patronize local businesses and hire local contractors and laborers.”
New York’s independent colleges and universities contributed $97.6 billion to the state’s economy in 2019, according to the CGR report, an aggregate 10 percent increase over 2017. Approximately 432,600 jobs are supported by private, not-for-profit colleges and universities. That number includes direct, indirect, and induced jobs.
Also, Hamilton College announced it has received an estate gift of nearly $22 million, the single largest gift in the College’s history. The majority of the donation, $19 million, will establish an endowed…