SYRACUSE, N.Y. — Syracuse University (SU) contributed $1.8 billion to the Central New York economy and supported 35,132 jobs across the five-county region in fiscal year 2023-24.
That’s according to an economic-impact study that SU commissioned. The study, conducted by Lightcast, found that the university’s economic impact increased by nearly 64 percent from the $1.1 billion reported in 2017.
Lightcast, based in Moscow, Idaho, is a firm that specializes in labor-market data, per its LinkedIn profile.
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The study also found SU supports one out of every 13 jobs in Central New York. When accounting for its operations, research activities, student and visitor spending, alumni contributions, and startup and spin-off companies, Syracuse University’s total economic contribution equals about 5.2 percent of Central New York’s gross regional product, per the announcement on the school’s news website.
“Syracuse University’s future is inseparable from the future of Central New York,” Syracuse University Chancellor Kent Syverud said. “A thriving region is essential to a thriving University. We are proud to play a vital role in shaping the strength and promise of the place we call home. Every success we achieve as a University strengthens the region, and every advancement for our community creates new opportunities for us all.”
Key findings
The Lightcast report also found SU’s operations added $862.7 million to the regional economy, drawing from $586.2 million in employee payroll and $445.4 million in facilities and services expenses.
In addition, research activities generated $180.9 million in regional economic impact. University-affiliated startup and spin-off companies contributed $974.3 million to the Central New York economy, per the SU announcement.
The study also found Syracuse University alumni currently working in Central New York contributed $546.5 million to the regional economy. At the same time, students living in the region added $130 million through local spending while visitors attending university events contributed $46.9 million.
In a sub-study that Lightcast also completed, it was determined that Syracuse Athletics added $136.7 million in income to the Central New York economy and supported 1,644 regional jobs.
