SUNY New Paltz is the number one employer in Ulster County and a driver of hundreds of millions of dollars of economic activity through direct spending, student and visitor spending, employment and voluntary contributions, according to its 2017 Economic Impact Statement.
The College generated $359.2 million in overall economic activity and 3,439 jobs annually to the Hudson Valley economy, and $415.9 million and 4,100 jobs to the New York State economy. These represent increases of $23 million in economic activity and 178 additional jobs created in the Hudson Valley since the previous Economic Impact Statement was issued in 2014.
As the largest four-year institution of higher education in the region, New Paltz is central to the economic health and well-being of the Hudson Valley. The College plays a valuable role in creating and retaining jobs today, while educating students for careers and citizenship tomorrow.
More information about the 2017 Economic Impact Statement can be read online at http://www.newpaltz.edu/makinganimpact/.
Some key takeaways:
- SUNY New Paltz employs 1,707 full- and part-time employees (excluding student workers), up 108 since 2011-2012.
- In 2014-2015, the College’s expenditures totaled $56.1 million. This spending generated 135 jobs in the Hudson Valley and 341 jobs in New York State.
- The fall 2014 enrollment at New Paltz was 7,692 students, who accounted for $115.4 million in spending.
- Visitors to campus spent an estimated $4.3 million on lodging, meals, recreation, transportation and shopping in New Paltz and the surrounding areas.
- Approximately 52,000 SUNY New Paltz alumni of working age (defined as 65 and younger) generated nearly $1.1 billion in value-added earnings, above and beyond what they would earn with a high school degree, in 2014-15. About $450 million of these value-added earnings were earned in the Hudson Valley, and about $765 million were earned in the state.
- SUNY New Paltz employees volunteered about 158,000 hours in the region, at social welfare organizations, arts collectives, civic and advocacy groups, professional associations and sports leagues. This volunteer activity is estimated to have generated more than $4.3 million in economic impact. An additional 572 students enrolled in internship fieldwork experiences for college credit in 2014-15, with many more taking part in no-credit internships.
More information from the 2017 Economic Impact Statement can be accessed online.
About the SUNY New Paltz Economic Impact Statement
The Economic Impact Statement reports on overall economic activity generated by the College and the diverse ways it supports the economies of Ulster County, the Hudson Valley and New York State.
New Paltz conducts studies of its economic impact every three years. The 2017 study uses data from the 2014-2015 fiscal year.
For this study, “the Hudson Valley” includes Ulster, Dutchess, Orange, Sullivan, Rockland, Putnam and Westchester Counties.
The Economic Impact Statement uses RIMS II, a system of methods, measures and formulae developed and approved by the U.S. Department of Commerce’s Bureau of Economic Analysis. Read more about RIMS II on the BEA’s website.