ROME — In fiscal year 2024 (FY24), Rome’s Griffiss Institute generated a more than $15 million impact on the economy of the Mohawk Valley. That includes supporting 164 direct and indirect jobs and delivering $3.2 million to scholars and professionals to live, learn, and work alongside regional industry partners in the Mohawk Valley. For every […]
ROME — In fiscal year 2024 (FY24), Rome’s Griffiss Institute generated a more than $15 million impact on the economy of the Mohawk Valley.
That includes supporting 164 direct and indirect jobs and delivering $3.2 million to scholars and professionals to live, learn, and work alongside regional industry partners in the Mohawk Valley.
For every $1 the Griffiss Institute spent on labor in the Mohawk Valley, the community received $1.33 in wealth creation from Griffiss Institute activities, 96 percent of which were fueled by federal sources in FY24.
The findings are part of GI’s inaugural Economic Impact Report for NY2024 that was developed in collaboration with Hamilton College student researchers through the Levitt Public Affairs Center.
Working with the Griffiss Institute and Heather Hage, the institute’s president and CEO, the students conducted extensive economic modeling and data analysis to measure how GI’s technology transfer, workforce development, and startup initiatives contribute to the region’s prosperity, per the GI.
“The Griffiss Institute is a driving force in the Mohawk Valley, fueling innovation, empowering talent, and creating measurable economic impact,” Patricia Baskinger, chair of the Griffiss Institute board of directors, said in the announcement. “This year’s results demonstrate how intentional investment in people, partnerships, and purpose delivers tangible value for our community and the nation.”
In FY2024, the Griffiss Institute invested $800,000 in early-stage dual-use technology startups developing solutions for national security. It also supported 197 high-tech internships and 313 regional students to participate in STEM (science, technology, engineering, mathematics) camps.
It is also facilitating 228 partnerships for the Air Force Research Laboratory (AFRL) Information Directorate to collaborate with 130 industrial firms and 98 universities, in service to national-defense priorities, per its announcement.
In addition to its direct impact on the regional economy, the Griffiss Institute generated an estimated $4.9 million in federal, state, and local tax revenue.
“This report is about how government investments in science, research, education, and technology transfer can translate into significant social and economic outcomes for our communities. Beyond the policy and finance layers of economic analysis, it’s the people — the hundreds of interns and scholars, entrepreneurs, academic and government scientists, and our industry partners, who bring real-world challenges to the table and work together, through the Griffiss Institute, to drive innovation forward to the benefit of our country and community,” Heather Hage, president and CEO of Griffiss Institute, said. “Their collaboration is what drives our impact. We are proud to be part of a region that works together to create opportunities that strengthen both our local economy and our national security.”
The FY2024 Griffiss Institute Economic Impact Report was researched and authored by Hamilton College student researchers from the Levitt Public Affairs Center. They included Luke Hanson, Delaney Patterson, Samuel Low, and Ton Somnug, who worked under the mentorship of Hage. The student researchers analyzed real Griffiss Institute data, built economic models, and collected local insights to trace how each dollar invested circulates through the Mohawk Valley economy.
