Why SUNY Sullivan?
SUNY Sullivan Economic Impacts Report
SUNY Sullivan creates a significant positive impact on the local business community and generates a return on investment to its major stakeholder groups—students, taxpayers, and society.
For every dollar invested in SUNY Sullivan in FY 2022-23, people in New York will receive $8.80 in return, for as long as SUNY Sullivan’s FY 2022-23 students remain active in the state workforce. In FY 2022-23, New York invested $20.2 million to support SUNY Sullivan. In turn, the New York economy will grow by $171.4 million, over the course of students’ working lives. Society will also benefit from $6.7 million of public and private sector savings.
ECONOMIC IMPACT ANALYSIS
- SUNY Sullivan employed 85 full-time and part-time faculty and staff. Payroll amounted to $12.2 million, much of which was spent in the region for groceries, mortgage and rent payments, dining out, and other household expenses. The college spent another $4.9 million on its expenses related to facilities, supplies, and professional services (excluding construction).
- $14.1 million added in income is equivalent to supporting 102 jobs in the region.
- SUNY Sullivan invests in capital projects each year to maintain its facilities, create additional capacities, and meet its growing educational demands, generating a short-term infusion of spending and jobs in the regional economy.
- The net impact of SUNY Sullivan’s construction spending in FY 2022-23 was $470.8 thousand in added income for the Hudson Valley.
- Student spending generated $1.5 million in added income for the regional economy, which supported 21 jobs in the Hudson Valley.
- Over the years, students have studied at SUNY Sullivan and entered or re-entered the workforce with newly acquired knowledge and skills. Today, thousands of these former students are employed in the Hudson Valley.
- The net impact of SUNY Sullivan’s former students currently employed in the regional workforce amounted to $41.8 million in added income in FY 2022-23.
- Alumni generated $41.8 million in added income for the regional economy, which is equivalent to supporting 465 jobs.
INVESTMENT ANALYSIS
- SUNY Sullivan’s FY 2022-23 students paid a present value of $4.9 million to cover the cost of tuition, fees, supplies, and interest on student loans.
- In return for their investment, students will receive a cumulative present value of $38.8 million in increased earnings over their working lives. This translates to a return of $8.40 in higher future earnings for every dollar students invest in their education. Students’ average annual rate of return is 24.1%.
- SUNY Sullivan students see a higher rate of return for their investment in SUNY Sullivan. There is an average annual return of 24.1% and the average associate degree graduate from SUNY Sullivan will see an increase in earnings of $7,400 each year compared to a person with a high school diploma or equivalent working in New York.
- Taxpayers provided SUNY Sullivan with $9.3 million of funding in FY 2022-23. In return, they will benefit from added tax revenue, stemming from students’ higher lifetime earnings and increased business output, amounting to $15.3 million. A reduced demand for government-funded services in New York will add another $3.7 million in benefits to taxpayers.
- Total taxpayer benefits amount to $19.1 million, the present value sum of the added tax revenue and public sector savings. For every dollar of public money invested in SUNY Sullivan, taxpayers will receive $2.00 in return over the course of students’ working lives. The average annual rate of return for taxpayers is 4.7%.
INFOGRAPHICS
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