College unveils Economic Impact Study
New Paltz contributes $195.5 million annually to region's economy
SUNY New Paltz is the second largest employer in Ulster County, with almost 1,600 employees, and significantly impacts the region's economy. Spending by the college, its employees, students and campus visitors brings hundreds of millions of additional dollars into the community, the Hudson Valley and New York state each year.
These are only a few of the highlights of a new, comprehensive economic impact study that has been recently completed by the college, titled "SUNY New Paltz: Making an Impact." The study will be unveiled in detail beginning this October by President Steven Poskanzer at a series of scheduled events throughout the Hudson Valley. He has already given abbreviated presentations to the faculty and staff, Foundation Board, College Council and the New Paltz Chamber earlier this month.
"SUNY New Paltz is a major economic driver in the Hudson Valley," said Poskanzer. "We play a significant role in enriching the quality of life in the Hudson Valley - and we're eager to expand our strong ties."
For the study, the following seven counties make up the Hudson Valley: Ulster, Dutchess, Sullivan, Orange, Putnam, Westchester, and Rockland.
Poskanzer will deliver a 30-minute Power Point presentation that shows, in detail, how employees, college spending on goods and services, construction spending, student spending, and visitor spending all affect the economic welfare of the region. The $195.5 million does not include construction spending, which totaled $116 million over the last six years and an additional $30 million to renovate and build new residence halls during the last four years.
He will also show the impact of alumni in the region. For example: SUNY New Paltz alumni living in the Hudson Valley generate $362.1 million in valueadded annual earnings because of their degrees. The presentation concludes by showing how the campus plays a significant role in the overall quality of life in the Hudson Valley.
Members of the college community that have played a significant role in the development of the study include: Danielle Semenchuk (School of Business); Hadi Salavitabar (Dean, School of Business); Shelly Wright (Executive Assistant to the President); Rachel Reuben (Web Coordinator); and Mary Kastner (Director, Publications). Graphic design assistance was provided by Jan Harrison (Publications) and Jeffery Peltzman (class of '06). Data was also provided by a number of other administrative offices.
The college used the U.S. Department of Commerce Bureau's Economic Analysis Regional Input-Output Modeling System to measure the college's impact on the region, including how dollars spent circulate in the region to create more (indirect) spending. Supporting publications and a Web site for the study will be available in late October.
SEPTEMBER 27, 2004
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