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The State University of New York system in the Finger Lakes generates more than $1 billion in annual economic impact, a new report shows, supporting 7,765 jobs in the region.
Statewide, the report from the Rockefeller Institute of Government finds that the SUNY system annually generates $35.5 billion in economic impact and supports nearly 160,000 direct and indirect jobs.
The report used data from the 2023-24 academic year and details how SUNY’s operations, research enterprise, hospital systems, and student spending ripple through hundreds of
industries throughout New York State, officials say. In several regions of the state, SUNY’s economic activity accounts for between 5 and 10 percent of gross domestic product.
“While SUNY is known for its educational mission, its economic impact on the state is significant,” says Bob Megna, president of the Rockefeller Institute of Government. And you can’t really begin to understand how extensive it is until you pull apart the various ways SUNY schools and graduates participate in regional economies. This report, which builds on prior analyses of the SUNY system, aims to capture and distill this impact.”
The SUNY system reaches roughly 1.7 million students across its regions, courses, community programs and continuing education offerings. It has 64 college and university campuses, including SUNY Brockport and SUNY Geneseo, which are hubs for four-year degree programs.
One in four SUNY alumni works in the state five years after graduation, the report finds, and 77.5 percent of graduate degree holders stay in the state for a decade.
“A thriving and successful SUNY system helps ensure a strong and prosperous New York, and this report further demonstrates that fact,” says SUNY Chancellor John King.
He credits the state government for its investment in the system, which has resulted in enrollment growth. According to the report, about one in four New Yorkers with a college credential earned a degree at a SUNY campus.
The system also contributes to the state’s research prowess. In addition to its intellectual property portfolio, research and development expenditures in 2023 totaled $1.6 billion.
“If SUNY were a private business, it would rank among the largest in New York State,” the report states. For every dollar the state invests in operations, SUNY generates $7.38 in economic activity.
While the economic impact is significant, the report’s authors, Patrick Schumacher and Brian Backstrom, say it is still conservative “given that the impact of a retained workforce compounds in ways that no input-output economic model can fully capture.”
Smriti Jacob is Rochester Beacon managing editor.
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