Syracuse University contributed $1.8 billion to the Central New York economy and supported 35,132 jobs across the five-county region in fiscal year 2023-24, according to a comprehensive economic impact study commissioned by the University. The study, conducted by Lightcast, found that the University’s economic impact increased by nearly 64% from the $1.1 billion reported in 2017.

According to the study, the University supports one out of every 13 jobs in Central New York. When accounting for its operations, research activities, student and visitor spending, alumni contributions, and start-up and spin-off companies, the University’s total economic contribution equals approximately 5.2% of Central New York’s gross regional product.

“Syracuse University’s future is inseparable from the future of Central New York,” says Chancellor Kent Syverud. “A thriving region is essential to a thriving University. We are proud to play a vital role in shaping the strength and promise of the place we call home. Every success we achieve as a University strengthens the region, and every advancement for our community creates new opportunities for us all.”

Key Economic Impact Findings

The comprehensive analysis revealed multiple channels of economic contribution:

• Operations Spending: The University’s operations added $862.7 million to the regional economy, drawing from $586.2 million in employee payroll and $445.4 million in facilities and services expenses.
• Research and Innovation: Research activities generated $180.9 million in regional economic impact. University-affiliated start-up and spin-off companies contributed an extraordinary $974.3 million to the Central New York economy.
• Alumni Impact: Syracuse University alumni currently working in Central New York contributed $546.5 million to the regional economy.
• Student and Visitor Spending: Students living in the region added $130 million through local spending while visitors attending University events contributed $46.9 million.
• Athletics Impact: In a sub-study also completed by Lightcast, it was determined that Syracuse Athletics added $136.7 million in income to the Central New York economy and supported 1,644 regional jobs.

“This remarkable growth from $1.1 billion to $1.8 billion in just seven years reflects our strategic focus on strengthening partnerships, meeting the emerging needs of regional employers and preparing our students for the future,” says J. Michael Haynie, vice chancellor for strategic initiatives and innovation. “What’s particularly exciting is the nearly $1 billion impact from our start-up and spin-off companies, which demonstrates how the University is not just supporting the traditional economy but actively building the innovation economy of tomorrow in Central New York.”

Strong Return on Investment

The study also analyzed Syracuse University’s value as an investment:

• New York taxpayers benefit from $743.9 million in added tax revenue and reduced demand for government services, despite Syracuse being a private institution.
• Society receives $4.40 in return for every dollar invested through economic growth and social benefits.
• Students receive $2.50 in higher future earnings for every dollar invested in their education, with an average annual return of 11.0%—outperforming the stock market’s 30-year average.

Building on Regional Momentum

The dramatic increase in Syracuse University’s economic impact comes as Central New York experiences unprecedented investment and growth opportunities, including Micron Technology’s historic semiconductor manufacturing investment and the region’s designation as a national Tech Hub.

Chancellor Syverud, who is preparing to conclude his tenure later this academic year, reflected on the significance of these findings: “It has been a privilege to see how, together, we are advancing opportunity and progress for our students, our neighbors and our region. Together, we are proving that Syracuse University is not only an extraordinary global institution of higher learning, but also a dynamic partner in building a stronger, more vibrant future for Central New York.”

Ryan McMahon, Onondaga County executive and one of the University’s closest collaborators, says the University’s contributions to the region have propelled Central New York’s renaissance.

“Syracuse University is an incredibly important economic engine for our region,” says McMahon. “County government relies largely on sales tax revenue to fund our initiatives, and this report illustrates that SU is a critical driver of those sales tax dollars. Furthermore SU has also been a tremendous partner as our region prepares to become the hub for semiconductor manufacturing in North America. The importance of SU to our local economy cannot be understated and we are grateful for their continued investment and unwavering commitment to our community.”

Syracuse Mayor Sharon F. Owens ’85 says the results of this impact report come as no surprise given the city’s deep partnerships with the University.

“Syracuse University is a strong partner to the City of Syracuse and to the Central New York community,” says Owens. “SU’s growing economic impact is no surprise to me. The University has been an active supporter of multiple city initiatives, such as Smart City Innovation and Career & Technical Education (CTE) programs through the Syracuse City School District. SU’s backing sends a powerful message anywhere in the nation and around the world. In housing, infrastructure, education, quality of life and business attraction, SU makes important contributions. I am grateful to Chancellor Syverud and the University’s Board of Trustees for their success in growing SU and its positive impact on our community.”

“Syracuse University takes enormous pride in supporting efforts to create the conditions for this regional transformation,” says Haynie. “Our investment in research infrastructure, our commitment to workforce development and our focus on sustained growth have helped position Central New York as a destination for innovation and opportunity.”

The study examined fiscal year 2023-24 and analyzed Syracuse University’s impact on the five-county Central New York region, including Cayuga, Cortland, Madison, Onondaga and Oswego counties.