Fredonia has released an economic impact report detailing the results of a third-party study conducted to determine the university’s influence on the local, regional and state economy.
The study, which focused on Fredonia’s 2012-13 fiscal year (ended June 30, 2013), revealed a total economic impact of more than $157 million annually in the “local” region, which the study defined as the municipalities of Fredonia, Dunkirk and Sheridan. The university’s regional impact, which includes all of Chautauqua, Erie and Cattaraugus counties, exceeded $204 million, annually, while statewide impact surpassed $330 million.
The study, conducted by the University at Buffalo’s Regional Institute and commissioned by Fredonia’s Division of Engagement and Economic Development, develops a baseline of key impact indicators, shedding light, through data and quantitative analysis, on Fredonia’s contributions to the local, regional and state economy. Members of the UB Regional Institute will give a presentation about their findings on Friday, May 22 at 11 a.m. at the Fredonia Technology Incubator, 214 Central Ave., in Dunkirk.
With 1,780 faculty and staff, 5,214 enrolled students, 421 faculty retirees, 42,736 alumni and 87,755 annual visitors during 2012-13, Fredonia is a hub for people and a source of community and economic vitality. Generated revenues of $140 million in 2012-13 supported spending of $215.4 million by the university and its employees, students and visitors, fueling demand for businesses and service suppliers across Western New York and beyond.
The study defines the university’s economic impact as the organization’s influence in a geographic area as a result of its income and expense-generating activities. The cycle begins with the university’s efforts to attract revenue from a variety of sources, including state aid, grants, tuition and other revenue. It continues as it allocates those dollars to purchase goods and services, pay wages and salaries, deliver academic programs, and hold special events. Those dollars circulate further into the economy as companies reinvest them in their businesses and as individuals spend them on and off campus.
“We are very proud of the role we play in the economic vitality of the region, and we wanted to be able to better quantify this for our many audiences and constituents,” said Dr. Kevin Kearns, vice president for Engagement and Economic Development at Fredonia. “This undertaking reflects Fredonia’s commitment to the values outlined in its strategic plan and its mission statement, and reinforces the important role Fredonia has in the cultural, intellectual, and economic growth of the region. It also gives us a starting point by which to measure future growth and success.
Fredonia’s Division of Engagement and Economic Development facilitates and supports university-community collaborations that enhance the intellectual, cultural, artistic and economic vibrancy of the region. Such collaborations include active community engagement and partnerships with local and regional organizations, governments, businesses and universities.
There is no fee or registration process required to attend the May 22 presentation, which is open to the public. To read the full, 24-page economic impact report, or a briefer, four-page executive summary.
