A new economic impact study released recently by the Albany-based Commission on Independent Colleges and Universities (CICU) for its members found that Hamilton College’s estimated economic impact in the Mohawk Valley for 2022-2023 totaled $331 million.
The College's economic impact includes spending on research and development, construction, technology, salaries, and other operating expenses, as well as the estimated impact of spending by students and visitors in the community, which totaled $19.8 million. This includes discretionary spending by students combined with money spent by campus visitors attending family weekends, conferences, sporting events, and other campus activities.
Hamilton College supported 1,800 jobs in fiscal year 2022-2023, including 900 jobs on campus. These jobs have a combined payroll of $117.3 million. In addition to jobs, employees at Hamilton and others whose employment is dependent upon it, contributed an estimated $8 million in state personal income tax revenue and state and local sales tax revenue in fiscal year 2022-2023.
“Hamilton College has a very real direct economic impact on our communities in the Mohawk Valley every day,” said Hamilton President Steven Tepper. “As is true with other higher education institutions in our area, it also has a significant impact on the world through the businesses, innovations, and ideas advanced by its graduates over decades.”
New York’s independent colleges and universities contributed $97 billion to the state’s economy in 2022-2023. In addition, New York State’s Independent Sector directly employs 196,000 people. When indirect and induced effects are considered, the sector is responsible for 407,000 jobs across the state.
Founded in 1956, The Commission on Independent Colleges and Universities in New York represents the public policy interests of chief executives of New York’s independent colleges and universities in New York State. CICU works to develop consensus among a diverse membership and to advance higher education policy.
Hamilton in the Community
Hamilton invests in the vitality of the community through direct contributions, voluntary support, and the economic impact of its students, employees, contractors, and visitors.
