Daemen College’s economic impact on the Buffalo Niagara region in 2013 reached nearly $132 million, represent-ing a $17 million increase for the Amherst-based institution, according to a new study released by the Commission on Independent Colleges and Universities (CICU).
“This substantial figure illustrates Daemen plays a key role in the region’s economic vitality and has emerged as a significant contributor to Western New York’s long-term economic well-being,” said Daemen President Gary A. Olson. “For almost 70 years, Daemen has been actively engaged in this area and we will continue our commitment to growing and thriving with the community.”
The study also showed that students and visitors in private higher education generated $4.5 billion in economic activity.
Daemen’s economic boost in WNY translates into over $3.47 million in tax revenue. Students and visitors generated $26.2 million in economic activity. As a contributor to economic growth through job creation and retention, in 2013–14 Daemen invested more in its workforce with the addition of several newly created full-time positions and increased the number of new full-time hires compared to the previous year.
The study, which was conducted by the Center for Governmental Research, clearly confirms that private institutions are a major economic industry in the state and have realized a striking in-crease in the sector’s overall economic impact. In 2013, private colleges and universities contributed a combined$74.3 billion to the state’s economy. This figure represents an $11 billion increase since 2011.
As CICU pointed out, private campuses in New York “create jobs and act as ‘anchor’ tenants in communities across the state. These colleges and universities are major employers, purchasers of goods and services, and builders.”
Collectively, 190,500 individuals are directly employed at private institutions in the state, marking an increase of nearly 10,000 jobs from 2011–13.