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Study claims Potsdam's Clarkson University has $327 million impact on local economy

Posted 1/19/15

POTSDAM -- A recent study shows that Clarkson University’s economic impact on the North Country region of New York increased $57 million over the last two years to $327 million. The study, …

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Study claims Potsdam's Clarkson University has $327 million impact on local economy

Posted

POTSDAM -- A recent study shows that Clarkson University’s economic impact on the North Country region of New York increased $57 million over the last two years to $327 million.

The study, conducted by the Center for Governmental Research (CGR) based in Rochester on behalf of New York’s Commission on Independent Colleges and Universities (CICU), reported that independent colleges and universities generated $74.3 billion in total economic impact for New York State in 2013. Clarkson, combined with St. Lawrence University and Paul Smith’s College, contributed $679.9 million to the North Country region.

Part of the increase in economic impact for Clarkson can also be attributed to a growth in construction spending. To continue to attract and serve a diverse student population Clarkson invests in its infrastructure, primarily using private gifts and grants to pursue renovations and new facilities. Clarkson spent more than $20 million on construction in 2013 as part of a larger capital projects commitment launched in 2008 to support jobs in the region while addressing priorities in its campus master plan.

“As an anchor for employment and a steady stream of more than 3,900 students who call the North Country home during their education, Clarkson is fully committed to the local and regional community, as well as fulfilling the role that non-profit higher education has in providing public good for the betterment of society,” said Kelly Chezum, vice president for external relations. “The first role of universities like Clarkson in New York’s independent sector is to educate more than 491,000 students across the state every year.”

Last year, private colleges and universities awarded 51 percent of all bachelor’s degrees in New York, 71 percent of the master’s, and 80 percent of the doctoral degrees.

"Clarkson’s story goes beyond the data collected from this economic analysis and the tremendous impact that our students, employees, visitors and contractors have in supporting our local retail and service economy," said Clarkson President Tony Collins.

One example is Clarkson’s Shipley Center for Innovation, which serves as the home for one of New York State’s Innovation Hot Spots. Working with regional economic development partners and research centers across the campus, Shipley staff have facilitated more than 100 new start-ups and currently has more than 350 projects in the pipeline, serving as an engine for regional economic development by engaging in the creation of new enterprises capitalizing on emerging technologies.

These commercial activities that go beyond the academic mission on campus also contribute to property taxes. Examples where square footage is dedicated to for-profit activities include Clarkson Hall, Peyton Hall, Lewis House and Downtown Snell Hall on the downtown campus, which have portions rented to regional for-profit businesses. In addition to contributions to support community services, the University also pays property taxes on the Clarkson Inn and the University Bookstore.

President Collins also co-chairs the North Country Regional Economic Development Council (NCREDC), which in December 2014 was awarded $63.4 million for the North Country by New York State to continue its Strategic Development Plan. In the last four years, the NCREDC has been awarded more than $338 million for 291 projects in the region.