Sunday, February 18, 2007

Cornell's Economic Impact reports

Cornell University issues its first economic self study
Impact of New York's top research university exceeds $3 billion

Contact: Simeon MossPhone: (607)255-2281Cell: (607)227-0739

FOR RELEASE: Feb. 8, 2007

ITHACA, N.Y. -- Cornell University, the land-grant institution for the State of New York, has released its first-ever economic impact study. The report provides an in-depth portrait of a robust educational and research institution, which, in carrying out its missions, accounts for $3.3 billion in economic activity in the state - including $1.8 billion in Central New York and $1.06 billion in New York City alone.
"This report constitutes a new and important data point in our effort to understand the additional effects of our institution's far-reaching educational and research activities on the life of our region and the well being of our communities," said Cornell President David Skorton. "It helps underscore the fact that Cornell's contributions to the state's economy are the product of decades of investment in the institution - both public and private, both intellectual and financial."
Commenting on the 114-page report, which details Cornell's statewide economic impact in terms of human capital, research, technology transfer, business development and extension, Cornell Provost Biddy Martin stated that, "Too few people appreciate the broader economic and social impact of the world's leading research universities. These effects are a byproduct of our core commitments to research - basic and applied - teaching and the extension of both into a larger public sphere. The only way to ensure a positive social and economic impact is to protect and foster the best possible research and teaching.
"While Cornell's economic data illustrate the impact the university has on New York State's economy," Martin added, "this report also shows that the university's greatest contributions are directly related to the quality and dedication of its faculty, staff, and students, whose many accomplishments and contributions we have attempted to highlight."
Cornell is one of New York's largest nongovernmental employers, the report confirms, accounting for more than 36,000 jobs in 2005. The university purchased nearly
$425 million in goods and services from suppliers in New York State, and capital investments totaled almost $200 million, with nine out of every 10 construction dollars being paid to in-state contractors. And with $561 million in research spending in 2004-2005, Cornell is the state's leading research university, and it ranks 11th nationwide.
Cornell's statewide impact on jobs, innovation, and economic development is significant. Working in partnership with hundreds of New York businesses, both large and small, its researchers contribute regularly to the vitality of industries throughout the state - from apple growers, food processors, and wineries to software developers, investment companies, and biotech firms. And Cornell ranks first among New York's research universities in patents issued, first in commercial license agreements executed, and second in formation of start-up companies.
"Cornell's first Economic Impact Statement offers a wonderful look into the university's teaching, research and service contributions to the citizens of New York State," said Cornell Executive Vice President for Business and Finance Stephen Golding, under whose direction the economic study was performed. "It illustrates Cornell's $3.3 billion statewide economic activity; the breadth of services it provides through its cooperative extension programs; and the numerous ways Cornell's faculty contribute to teaching New York residents, conducting cutting edge research and fostering the commercialization of their technology."
Cornell has been critical in helping New York State develop and maintain the educated and talented workforce the state needs to be competitive in a global economy. In fall of 2004, more than 20,000 undergraduate and graduate students were enrolled at Cornell, of whom more than 8,500 were from New York State. And of the 202,000 Cornell alumni whose addresses are known, 28 percent are living and working in New York State.
In carrying out its land grant mission, Cornell provides a wide array of services to New Yorkers, their businesses and their communities - through outreach programs offered by all of the university's colleges, and especially through services provided by Cornell Cooperative Extension and its 54 county offices. An estimated 535,000 families, professionals, individuals, school children, small businesses, farmers, and community agencies throughout the state were direct beneficiaries of these services in 2005.
Cornell's impact on the upstate region from its Ithaca campus is also described in the report. The university's manifold operations in Ithaca, Tompkins County, and the surrounding upstate region make it one of Central New York's largest employers. In the spring of 2005, Cornell's Ithaca-based colleges and programs employed a total of 13,000 regular full- and part-time employees and 8,000 students who worked part-time. The Cornell in Ithaca payroll that year totaled $636 million. And between 2000 and 2005, Cornell increased the size of its work force by more than 10 percent, making it one of the fastest-growing major employers in Central New York. The Cornell campus in Ithaca spent $276 million on goods and services in New York State in 2005, supporting 2,300 full-time equivalent jobs. Some $98.9 million of that was paid to businesses in Ithaca and elsewhere in Tompkins County, generating 800 full-time equivalent jobs.
Weill Cornell Medical College and Weill Cornell Graduate School of Medical Sciences benefit the New York City region's health through world-class programs of education, research, and patient care. And through its spending on payroll, purchasing, and construction, Cornell also has a significant impact on New York City's economic health. Weill Cornell, regional offices of Cornell's School of Industrial and Labor Relations, and other Cornell programs based in the city employed 5,184 people in 2005, with a total payroll of $415 million. Payments to New York City-based suppliers and contractors supported 1,780 jobs in the city.
"By creating this report, the university seeks to demonstrate its stewardship of the assets provided to the institution and how that stewardship manifests itself in educational opportunities, new discoveries, commercial applications, and services to individuals, businesses, and communities throughout the state," Golding said.
The report, titled "Cornell University Economic Impact on New York State," was developed by Appleseed Inc., a leading economic development consultant based in New York City, and by staff and faculty at Cornell. The full report can be accessed online at this site:

The Full Report Study Here.

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