The annual economic impact
of Union College
on Schenectady County
is more than $185 million, according to a report recently prepared for
the College by the Capital District Regional Planning Commission (CDPRC).
The study
also determined that Union's economic impact in NewYork State tops $211 million annually.
“These
reports verify the enormous value of having a college
of Union's caliber operating and
thriving in Schenectady,” said
President Roger H. Hull. “This asset can be measured in many ways – from the
jobs we provide to local residents to the money our students and their families
spend in the area to the less quantifiable but valuable benefits such as
cultural and sporting events.”
Union
employs about 800 people on an annual payroll of $36 million. In addition, Union
College's capital projects have
employed hundreds of construction-related workers. Current and recently
completed projects total more than $38 million, including the former Ramada Inn
at 450 Nott Street, which
was completely renovated and opened this fall as a student residence hall at a
cost of about $15 million.
Union's
direct and indirect impacts on annual employment in Schenectady
County account for approximately
1,705 jobs, the CDPRC reported. Construction, retail, and business services are
cited as the most impacted with regards to employment.
To
calculate these estimates, the CDPRC used the Schenectady County and New York
State RIMS (Regional Input-Output Modeling System) II models developed by the
U.S. Department of Commerce, Bureau of Economic Analysis for comparing the
economic impacts of projects. The RIMS II model is the most widely used
economic impact modeling system in the U.S.
Charles P.
Steiner, president of The Chamber of Schenectady County, said: “Union
College has been an integral part
of our economy in Schenectady County
and a constant factor in the economic redevelopment equation. From the
employment of local residents and amount of student spending to the Ramada Inn
project, which cleaned up a site formerly not able to be developed, Union's
continued investment is extremely valuable to this community. We look forward
to continuing this exceptional partnership for years to come.”
Hull
concluded: “The revitalization of this region and the growth of Tech
Valley are directly tied to institutions
such as Union College.
We will continue to play a vital role in educating young people and working
collaboratively with businesses, government, and other institutions of higher
education as New York State again emerges as an economic leader in the nation.”