Syracuse University (SU) plays a vital role in Central New York's economy, contributing nearly $2 billion annually. A recent report by global consulting firm Lightcast highlights how the university’s operations, research, construction, student spending, and visitor activities create a significant ripple effect throughout the region.
Syracuse University’s Economic Impact on Central New York
The comprehensive 99-page report commissioned by SU examines the university’s influence during the 2023-2024 academic year and previous years. Vice Chancellor Mike Haynie shared with syracuse.com that all the economic benefits generated by SU stay within Central New York, supporting local families and businesses.
Supporting Thousands of Jobs Across the Region
Syracuse University sustains over 14,000 jobs, including 5,100 full-time staff, 2,400 part-time employees, and 6,500 student workers. With payroll and benefits exceeding $567 million annually, combined with nearly $90 million spent on operations and maintenance, SU injects approximately $850 million into New York State’s economy.
Haynie also emphasized SU’s commitment to tax contributions, noting that the university pays for non-exempt properties. In the past year, SU made $9 million in payments to the city, including $2.5 million in property taxes. These payments are part of agreements established under former Mayor Stephanie Miner and continued under Mayor Ben Walsh, ensuring SU contributes annually in lieu of taxes.
Construction and Research Drive Growth
In the 2023-2024 period, SU invested $156 million in construction projects, supporting 595 jobs. Research activities, a hallmark of SU’s Carnegie R1 status, accounted for $176 million in spending, primarily on payroll. Over a quarter of this funding came from federal sources. Between fall 2020 and spring 2024, SU’s research efforts led to 115 invention disclosures, 67 patent filings, and four executed licenses.
Haynie told syracuse.com that SU aims to expand its research enterprise, stating, “We have to grow our research enterprise. We are a Carnegie R1 research institution, but not of the scale and scope we aspire to.” Additionally, startup companies commercializing SU technology generated $781 million in income and employed over 2,400 people.
Students and Visitors Add to the Economic Buzz
Out-of-state students and about 1,000 New York students who might have otherwise left the state spent an average of $20,000 each on off-campus expenses, injecting over $181 million into the state economy. During the 2023-2024 academic year, events at SU attracted 167,000 visitors, bringing more than $57 million to the region. On average, each visitor spent $463 on lodging, entertainment, and food, excluding sports tickets and textbooks.
Investing in Infrastructure to Attract More Visitors
Investments in SU’s infrastructure, including a $44.7 million upgrade to the JMA Wireless Dome, have boosted attendance at events. Haynie shared with syracuse.com, “The new roof and reseating have had a significant impact. We’re back in the major concert rotation.” These improvements not only enhance the university experience but also contribute to the local economy by drawing more visitors.
