Tuesday, February 17, 2015

Report: Private Colleges Add $670M To Local Economy

North Country RegionPaul Smith’s College, Clarkson University, and St. Lawrence University contribute a combined $679.9 million to the North Country’s economy, according the commission’s report, according to a recent report by the Commission on Independent Colleges and Universities on 2013 spending.

The three academic institutions are directly and indirectly responsible for an estimated 4,529 jobs the report says. The study does not include public colleges and universities.

Paul Smith’s College generates about $76 million for the economy of the North Country region according to college officials.  A breakdown of the report shows that the college contributes nearly $64 million in spending and construction to the region’s economy, while students and visitors to the college spend more than $12 million.

“This report highlights many aspects of the positive impact Paul Smith’s has on the North Country,” said President Cathy S. Dove. “A lot of that impact comes from our $9 million annual payroll, which helps drive the local economy. Our students are also a great source of talent for local employers. We are pleased that many of them stay after graduation and become permanent members of the community.”

Our current students spend quite a bit at local business, too. Paul Smith’s Kat Kash program bears that out well. Students spend about $100,000 annually using their Kat Kash debit cards in businesses in the Saranac Lake area. That adds up to about $800,000 in spending since the program was enacted in 2007.

Paul Smith’s also benefits the local construction industry. The college recently renovated two of its dormitories and is in the process of building a state of the art wood pellet boiler, which will heat all of its academic buildings upon completion.

More details on the report can be found here.


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Community news stories come from press releases and other notices from organizations, businesses, state agencies and other groups. Submit your contributions to Almanack Editor Melissa Hart at editor@adirondackalmanack.com.

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