ROME, N.Y. — The Griffiss Institute (GI) in Rome generated a $15.4 million impact on the Mohawk Valley economy during fiscal year 2024 (FY24).
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.
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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.
