HOUGHTON — Officials with Houghton College have announced that findings from a recent economic impact study reveal the institution generated an estimated $92.1 million in regional economic stimulus for the 2015 year.
The study was conducted by the Commission on Independent Colleges and Universities with research conducted by Ken Gardner of the Center for Governmental Research in Rochester on behalf of the commission.
The research aimed to measure the impact of independent, nonprofit colleges and universities on the economy of New York state. A number of factors were fed into the final result, including the amount that the institution has spent on instruction and research, the number of jobs the institution has created and what those employees contributed to state and local taxes.
The report on Houghton’s total economic impact for the Western New York region — which encompasses Allegany, Cattaraugus, Erie and Niagara counties for the report — measured the “direct” and “spillover” impact of private colleges. The former is an estimate of each institution’s actual spending in the region, including factors such as construction spending and labor compensation. The latter refers to economic activity as a result of that original investment, such as spending by students and visitors at local businesses and attractions, as well as local economic activity by employees.
“This study draws attention in very concrete ways to the public value of private higher education,” said Shirley A. Mullen, president of Houghton College. “This is welcome affirmation of our commitment here at Houghton College to benefit not only the individual students who come here, but also the surrounding communities.”
For more information about the commission’s economic research in New York, visit www.cicu.org/economic-community-impact.