Genesee Community College has an economic impact of $78.7 million on the area's economy, according to a new College study.
The economic impact study measured the flow of money through area communities resulting from College spending, faculty and staff spending, and student spending. The College, as well as individual faculty and staff members, spent $22.4 million on goods and services other than housing. Genesee students spent an estimated $23.9 million. This spending, in turn, stimulated "respending" among local businesses, individuals, and banks and financial institutions totaling $32.4 million.
The $78.7 million represents direct economic impact. The College also has an indirect economic impact on the community of far more than $78.7 million. For example, Genesee alumni have almost $600 million in estimated annual earnings directly attributable to their associate's degrees. Through The BEST Center, the College has helped area business firms improve productivity and retain and expand jobs.
The economic impact study helps document the economic contributions the College makes to the region, President Stuart Steiner said. "Education is our primary mission, and our most significant contribution to the region is an educated citizenry," he said. "But we also make a profound impact on the economic health and well-being of our communities each and every day. The dollars that flow into and through our communities are significant, and help maintain economic stability in our towns, villages, and neighborhoods."
According to the economic impact study, the College provided employment to 589 full- and part-time staff members last year. The presence of the College supported an estimated 2,409 additional jobs in area communities as well.
Genesee County, the local sponsor of Genesee Community College, contributed $1.73 million to the College last year. Every dollar contributed by Genesee County resulted in $45.34 in economic impact to area communities.
The community's investment in Genesee Community College pays big dividends, according to Dr. Steiner. "Education is the single most productive investment a nation or community can make in its citizens, and the investment our own community makes in Genesee enriches our families and our future."
Genesee's economic impact study is based on the Ryan Economic Impact Model, which has been used to assess the impact of colleges and universities across the nation over the last 25 years. The model uses a wide variety of statistical information, such as budget data, state and federal economic figures, and payroll information to identify institutional and individual spending patterns.
Editor's Note: A printed hard-copy of Genesee Community College's Economic Impact Statement will be directly mailed to each member of the media through the U.S. Postal service. If you would like further copies or know of anyone else who would, we encourage you to call the College's Marketing Communications Office at 585-343-0055 extension 6616.