Syracuse University (SU) contributes nearly $2 billion to Central New York’s economy each year, according to a report commissioned by the university. The study, conducted by global consulting firm Lightcast, examined SU’s impact during the 2023-2024 academic year and prior years.The 99-page report details how the university’s operations, research activities, construction projects, student spending, and visitor presence ripple through the region. “All of that stays right here in Central New York. That’s how people pay their mortgages. It’s how they buy their groceries,” Vice Chancellor Mike Haynie said in conversation with syracuse.com.SU supports thousands of jobs across the regionSU sustains more than 14,000 jobs, including 5,100 full-time staff, 2,400 part-time employees, and 6,500 student workers. The payroll and benefits total over $567 million annually, which, combined with nearly $90 million spent on operations and maintenance, injects about $850 million into the New York state economy, according to the report shared with syracuse.com.Haynie emphasised SU’s tax contributions, noting the university still pays for non-exempt properties. “Last year we made a total of $9 million in payments to the city, including $2.5 million in property taxes,” Haynie said as quoted by syracuse.com. He added that agreements established under former Mayor Stephanie Miner and continued under Ben Walsh ensure SU contributes annually in lieu of taxes.Construction and research boost the economyIn 2023-2024, SU spent $156 million on construction projects, supporting 595 jobs, the report shows. Research activities, a hallmark of SU’s R1 status, accounted for $176 million in spending, mostly payroll. More than a quarter of this funding came from federal sources. Between fall 2020 and spring 2024, research led to 115 invention disclosures, 67 patent filings, and four executed licenses, according to the report.Haynie told syracuse.com that SU aims to expand its research enterprise. “We have to grow our research enterprise. We are a Carnegie R1 research institution, but not of the scale and scope,” he said. Startup companies commercialising SU technology generated $781 million in income, employing over 2,400 people.Students and visitors contribute significant economic impactOut-of-state students and about 1,000 New York students who would have left otherwise spent an average of $20,000 each on off-campus expenses, injecting over $181 million into the state economy. Events at SU attracted 167,000 visitors during the 2023-2024 academic year, bringing more than $57 million to the region. The average visitor spent $463 on lodging, entertainment, and food, excluding sports tickets and textbooks.Investments in SU infrastructure, including $44.7 million to upgrade the JMA Wireless Dome, have increased attendance at events. “The new roof and reseating have had a significant impact. We’re back in the major concert rotation,” Haynie said in conversation with syracuse.com.
