Daemen College’s economic impact on the Buffalo Niagara region in 2017 totaled nearly $134 million, according to a new study released today, Dec. 10, by the Commission on Independent Colleges and Universities (CICU). The college’s total economic impact represents a $5.3 million increase since 2015.
“Daemen is integral to our region’s economic well-being and this study illustrates our value as a major asset in ensuring we have a thriving and strong local economy,” said Daemen President Gary Olson. “As a leader in higher education for more than 70 years, we are committed to the continued economic prosperity of our region, and we are proud to be a key contributor in building an educated, talented, and successful workforce in our community.”
Daemen’s economic contributions in Western New York generated $3.5 million in tax revenue, and the impact of students and visitors translated into $25.3 million in economic activity.
To boost educational access and opportunities for the region’s workforce, Daemen has expanded its academic offerings with new graduate and undergraduate degrees and added online program options. Beyond this, the college has established new educational partnerships and is upgrading learning spaces and making facility improvements to enhance the academic environment. The new report showed the college had a $108.6 million economic impact in annual construction.
Overall, the study, which was conducted by the Center for Governmental Research, reinforces that private colleges in New York are greatly strengthening the state’s economy. The report found that the state’s private colleges and universities contributed $88.8 billion to the state’s economy in 2017, a 12 percent increase since 2015.
In other statewide findings, students and visitors generated $4.8 billion in economic activity; the institutional impact was $64.5 billion; and more than 415,600 jobs are supported by private institutions.