Economic Impact

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Economic Impact

October 1978

Three faculty members in MVCC’s Business Division have completed an eight-month study of the College’s economic impact on the Oneida County area. Among other findings, they discovered that the existence and operation of MVCC generates more than $34 million in business volume annually in Oneida County, along with the equivalent of 2,249 full-time jobs. If MVCC did not exist, according to the researchers, $8 million in personal spending and $1.5 million in room and board expenditures would leave Oneida County. The three faculty members involved were Instructor Paul Bowkun, Assistant Professor William Smith, Assistant Professor Stephen Sotherden. Impact included $19 million in direct local expenditures by the College, its employees and visitors. The $34 million impact figure was obtained by applying a multiplier of 1.8, the number of times a dollar is spent within the community before leaving the area.

January 1992

MVCC exerted an economic impact exceeding $60 million annually, according to a College study by VP Jerome Alvermann. He applied an economic multiplier of 2.4 to the College’s operating budget and expenditures by the college, students, employees, and other employment created as a result of the College’s presence in Utica and Rome. The impact measured included not only direct expenditures by the College in payroll and local purchases of goods and services but also spending by College employees and students, and re-spending of that money by local businesses. The study also revealed that over 750 non-College jobs are a direct result of the College’s operations. The student indicated that students spent about $7.3 million annually on housing, $3.7 million on food, $3.3 million on personal items, $2.6 million on educational supplies, and $2.5 million on transportation.