A recent economic impact study has revealed the massive financial footprint of Syracuse University (SU) on its surrounding region. The report, commissioned by the university and conducted by the global consulting firm Lightcast, found that SU contributes close to $2 billion to Central New York's economy every year. The analysis focused on the 2023-2024 academic year and previous periods, painting a picture of a major economic engine.
A Deep Dive into the $2 Billion Impact
The 99-page report breaks down how the university's diverse activities create powerful ripples throughout the local economy. From daily operations and payroll to student spending and major construction projects, SU's presence is deeply woven into the financial fabric of Central New York. Vice Chancellor Mike Haynie emphasized this local focus, stating that the money generated "stays right here in Central New York." He connected it directly to community well-being, noting it's how people pay mortgages and buy groceries.
On the employment front, Syracuse University is a colossal job creator. The institution sustains more than 14,000 jobs in the region. This workforce includes 5,100 full-time staff members, 2,400 part-time employees, and 6,500 student workers. The combined annual payroll and benefits exceed $567 million. When adding nearly $90 million in annual operations and maintenance spending, the university injects approximately $850 million directly into the New York state economy each year.
SU also makes significant contributions as a taxpayer. Despite its non-profit status for educational purposes, the university pays for properties that are not tax-exempt. Haynie highlighted that last year, SU made $9 million in payments to the city of Syracuse, which included $2.5 million in property taxes. Agreements established under former Mayor Stephanie Miner and continued under current Mayor Ben Walsh ensure the university makes consistent annual payments in lieu of taxes.
Construction, Research, and Commercialization Power Growth
The report details two major drivers of economic activity: infrastructure and innovation. In the 2023-2024 period alone, SU spent $156 million on construction projects, which supported 595 related jobs. Simultaneously, its research enterprise, a hallmark of its prestigious Carnegie R1 classification, accounted for $176 million in spending, primarily through payroll. More than a quarter of this research funding originated from federal sources.
The innovation pipeline is robust. Between the fall of 2020 and the spring of 2024, university research led to 115 invention disclosures, 67 patent filings, and four executed licenses. Haynie expressed a clear ambition to grow this research footprint further, acknowledging that while SU is an R1 institution, it aims for greater scale and scope. The commercial spin-offs from this research are already substantial. Startup companies built on SU technology have generated a staggering $781 million in income and employ over 2,400 people.
Students and Visitors: Vital Economic Contributors
The economic impact extends far beyond the campus payroll. Spending by students, particularly those from out-of-state and New York residents who would have otherwise left the region, adds significantly to the local economy. These students spent an average of $20,000 each on off-campus expenses, contributing over $181 million to the state's economy.
Furthermore, Syracuse University acts as a major tourist draw. During the last academic year, campus events attracted 167,000 visitors, who brought more than $57 million to Central New York. The average visitor spent $463 on lodging, entertainment, and food, not including sports tickets or textbooks. Investments in venue infrastructure, like the $44.7 million upgrade to the JMA Wireless Dome, have been crucial in boosting attendance. Haynie noted that the new roof and reseating have had a significant impact, successfully putting Syracuse back in the rotation for major concerts and events.
In summary, the Lightcast report solidifies Syracuse University's role as a cornerstone of economic stability and growth in Central New York. Through direct employment, massive spending, tax contributions, groundbreaking research, and by attracting thousands of students and visitors, SU's annual $2 billion impact underscores the vital partnership between a major university and its home region.
