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When more than 4,700 ������ý students walk across the Commencement stage this month, they will be celebrated by nearly 25,000 family and friends who have likely bolstered the local economy by spending money at shops, restaurants and hotels.

In 2023–24, ������ý visitors contributed an estimated $8.6 million to the local economy, while students contributed $297 million. For the year, the University’s direct and associated expenditures produced an overall economic impact of $1.49 billion on the ������ý metropolitan area, according to a recent report from the University’s Office of Institutional Research.

The $1.49 billion regional impact is up from $1.42 billion in 2022–23. The University’s economic impact on New York state in 2023–24 is estimated at $1.65 billion.

“The University significantly contributes to the local economy through its annual expenditures on operations, employee compensation, procurement of goods and services, capital investments, and auxiliary spending generated by students and visitors,” the 2023–24 report states.

Donald E. Hall, provost and executive vice president for academic affairs, said the campus and community both have benefited from the University’s growth in recent years.

“������ý set out years ago to grow while maintaining its high-quality academic programs and reputation,” he says. “We’ve achieved many of our goals, and we’re looking forward to continued strong partnerships with area elected officials and local industry in the years to come.”

The report notes that the campus plays a multifaceted role as one of the primary employers in the ������ý Metropolitan Statistical Area and the broader Southern Tier region.

The report examines the University’s economic impact in three categories: direct economic effects, indirect economic effects, and the induced effects (such as visitor expenditures, effects on property values and the establishment of new companies in the region).

“Dollars spent for University operations and by its faculty, staff, students and visitors ripple through the local and state economy to support additional economic activity and employment in related industries such as utilities, transportation, travel and hospitality,” the report says.

Economic-output highlights in the report include:

• Total expenditures rose to $1.054 billion in 2023–24, up from $1.002 billion the year before (a 5.25% increase).

• Salaries, wages and benefits were up $46.86 million (10.93%) in 2023-24, indicating new campus hires. As a result of faculty and staff wages, the University will contribute about $18 million in property and sales taxes to local governments.

• Capital expenditures were up $8.49 million (20.55%) in 2023–24, suggesting more investments in facilities and infrastructure.

• Visitor spending rose by 2.85%, while student spending was up 1.19%.

But ������ý contributes more than dollars to the region and state, the report says. The University is the largest employer in the ������ý area, with more than 5,590 faculty, staff and student workers in 2023–24 (compared to 5,400 in 2022–23). University expenditures also supported more than 10,570 jobs in Broome and Tioga counties.

That community impact is complemented by a large number of the 18,800 students who are engaged in service learning, internships, clinical work and volunteer experiences. The report estimates that this generated $28 million of value in Broome and Tioga during 2023–24, while also enhancing the quality of life across the region and state.

The report also says that the growing number of alumni (up from 125,974 in 2018–19 to 143, 415 in 2023–24) is stimulating the local and state economies. More than 90,100 ������ý alumni reside in New York state — and 85% are working and earning almost $5.4 billion in total income annually.

������ý’s partnerships and collaborations with local and state governments, private companies and nonprofit organizations are also vital, the report emphasizes.

“These partnerships enable faculty and staff to leverage their expertise, involve students in meaningful engagements, drive research initiatives, and secure funding for projects that enrich the ������ý community,” the report says.

The continued focus on fostering entrepreneurship and innovation has led to “the creation of new businesses and solutions to societal challenges,” the report adds.

The University’s overall economic impact received additional attention in late April when it was one of 55 U.S. schools featured in The Science Coalition’s “2025 Sparking American Economic Growth Report.” ������ý has leading roles in both the New Energy New York initiative and the NSF Energy Storage Engine in Upstate New York.

“������ý plays a pivotal role in its region’s economic development, attracting $68.5 million in research funding in 2022-2023, with 64% of these investments coming from federal sources,” the coalition report says. “This funding supports local jobs and drives innovation across key industries.”