Think Economic Impact
In today’s knowledge-based economy, no city, region, state or country can succeed without strong and vibrant educational institutions like Binghamton University, which serves as a dynamo powering the vitality of the entire region and the state at large.
As a full participant in public and private partnerships, the University delivers solutions that create and sustain jobs. Investments in Binghamton University deliver powerful and productive returns to the community and the state.
- The annual economic bottom line: $463 million to Broome and Tioga counties. $750 million to the region. $1 billion to the state. Every dollar the state invests in Binghamton is returned six-fold to New York's Southern Tier - eight-fold to the state.
- Binghamton University's impact on output in the region constitutes an estimated 11 percent of the Gross Domestic Product in Broome and Tioga counties.
- 8,913 or 8 percent of all jobs in Broome and Tioga counties are supported by the University. The University is one of the largest employers in Greater Binghamton, with more than 5,000 faculty, staff and student employees who earn nearly $200 million in direct wages. These workers paid more than $24 million in property taxes in FY2007-08.
- Binghamton University supports approximately 11,000 jobs in all of New York State.
- Binghamton University alumni generated more than $132 million in state income and sales taxes during FY2007-08.
- Binghamton University students spent an estimated $77 million in the region during FY2007-08.
- In October 2008, Binghamton University began construction of a $66 million engineering and science building at the Innovative Technologies Complex. The project will pump an estimated $112 million into the region and create approximately 1,500 jobs during the construction phase.
- Binghamton University opened its Downtown Center in fall 2007, drawing hundreds of students, faculty, staff and visitors downtown every day, helping to revitalize the area. The center houses the newly created College of Community and Public Affairs (CCPA), whose mission to assist the people and governments in our region is a model for the next generation of civic engagement. Faculty, staff and students affiliated with its programs in human development, public administration and social work are close to the agencies and organizations with which they collaborate. It is estimated that the building created 840 jobs during its construction, with an economic impact of $57 million.
- Since its first event in January 2004, the University's Events Center has been making a $20 million annual impact on the regional economy. Events such as the America East Conference tournaments, Empire State Games, Special Olympics and others draw significant crowds.
- Binghamton's research growth is among the highest in New York. Our expenditures grew by 3 percent in 2007-2008 and nearly 12 percent in 2008-09, bucking a national trend of flat or even falling figures. The University's patent licensure revenue has seen a more than five-fold increase in the last five years.
- Since 1978, Binghamton University's New York State Trade Adjustment Assistance Center (NYS TAAC) has helped over 1,200 New York firms recover from the effects of foreign competition and has provided more than $53 million in assistance.
- Our Center of Excellence in Small Scale Systems Integration and Packaging (S3IP) is making the region a vital nerve center in the technology race, generating an estimated annual impact of $100 million with partners including Kodak, Corning, GE and IBM, as well as companies from around the country. S3IP won a national competition to spearhead the development of the next generation in flexible electronics.
- Since its inception in 1984, Binghamton University's Small Business Development Center has assisted over 11,730 clients and helped to raise more than $144 million in private and public funding for their businesses, helping to create or save over 8,851 jobs across the Southern Tier of New York.
- University students volunteer more than 400,000 hours for area businesses, charitable organizations and governments each year. These efforts carry an annual value exceeding $7.8 million and enable recipient organizations to achieve goals and complete projects that would otherwise be impossible to accomplish.
- Roughly 60 percent of nurses, 70 percent of engineers and more than 80 percent of teachers who graduate from Binghamton remain in New York State.
- Plans are under way to develop a law school at Binghamton University. Our goal is to become one of the best public law schools in the nation, building on our academic strengths and fulfilling the need for high-quality, affordable legal education in New York state. Within five years, the estimated annual economic impact will be $26.4 million on the Southern Tier and $33.7 million on New York state.
- On a per-building-square-foot basis, our greenhouse gas emissions and energy usage have decreased by 20% since 2001; during the same period, our per-capita usage has decreased by 15 percent. Read more about the University’s commitment to create a sustainable community.
- Binghamton University was named to the President's Higher Education Community Service Honor Roll for distinguished community service in 2010. The University is also among the Peace Corps' top 25 volunteer-producing colleges and universities.