SU contributed nearly $2B to central New York economy, study finds
Syracuse University contributed $1.8 billion in income to central New York’s economy during fiscal year 2023-24, according to a study released Tuesday. Lightcast, a market analytics firm, conducted the university-commissioned study. Cassandra Roshu | Senior Staff Photographer
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Syracuse University contributed $1.8 billion to the central New York economy during the 2023-24 fiscal year, according to an economic study commissioned by SU released Tuesday.
The study, conducted by market analytics firm Lightcast, examined SU’s economic impact during the fiscal year. The data focused on five central New York counties: Cayuga, Cortland, Madison, Onondaga and Oswego.
The study found SU supported one out of every 13 jobs in central New York, representing a 64% increase from the university’s last economic study conducted in 2017.
“From my earliest days as chancellor, I believed that Syracuse University’s future was inseparable from the future of Central New York,” Chancellor Kent Syverud wrote in a campus-wide email Tuesday. “A thriving region is essential to a thriving university.”
Jobs at SU generated $862.7 million in regional income, while its research programs accounted for $180.9 million, according to the report. Alumni in the regional workforce contributed $546.5 million, and student spending added an additional $130 million.
The study also found SU supported more than 35,000 jobs across central New York, accounting for 5.2% of the region’s gross regional product.
“These aren’t just numbers–they represent the people, partnerships and possibilities that make our community stronger,” Syverud wrote.
The report touted SU’s growing role in funding entrepreneurship. Start-up companies connected to SU generated nearly $1 billion in economic activity, according to the study.
In a substudy, Lightcast also found that SU athletics contributed $136.7 million to the regional economy and added 1,644 jobs.
The study noted SU generates a return of $4.40 for every dollar they invest regionally. Through attending the university, students receive an estimated $2.50 more in future earnings for every dollar spent on their education at SU, the study states.
Onondaga County Executive Ryan McMahon described SU as a “critical driver” of regional tax revenue, while Mayor Sharon Owens said the findings reflect ongoing university-city collaboration on workforce and educational programs in the report.
The report comes just months before Syverud plans to step down as chancellor in June. In his message, Syverud described the findings as a point of pride and a reflection of the connection between SU and central New York.
