by A study on Herkimer College’s economic impact conducted by Lightcast found that Herkimer contributed $149.8 million to the local economy in the fiscal year of 2022-2023. “It provides hundreds of jobs,” said Steven Boucher, assistant professor of business. “Everyone you see around here, that is not a student, is an employee. They have jobs and it generates income for their families, and it provides them an opportunity to live and prosper in this area.”
With 241 full-time and part-time employed staff and faculty working at Herkimer College and a significant number of currently enrolled students, the college makes a big contribution to the local region’s economy.
Additional spending by the college on facilities, supplies, and services contributed to a total impact of $19.9 million on the region’s economy. Student spending at Herkimer College also has a profound impact on the region’s economy. They spend money on essentials such as housing, groceries, and transportation, which add close to $2.4 million to the regional economic impact. Finally, with thousands of Herkimer College graduates contributing to the workforce, they are earning higher wages and enhancing business productivity.
Even former students play a crucial role in the economy well after they graduate from Herkimer. “After they graduate, they go out to do great things. They go out and they have jobs, and they provide,” said Boucher. “Eventually, when they get situated, they add to the economies. They volunteer, and they add brainpower to the area. So, they’re very beneficial.” This statement by Boucher puts into perspective the roughly $127.5 million in added income from Herkimer alumni. That figure is equivalent to supporting approximately 1,300 jobs in the region.
Boucher also stated that Herkimer is a “unique product.” Boucher explained that the college is very affordable. Herkimer gives students the opportunity to go to a school close to home or even come here and have an excellent education. Students have the unique opportunity to experience the college experience at very affordable rates.
Herkimer College has already made a significant impact on the local economy, with contributions from staff, faculty, current students, and alumni through employment, student spending, and the support of local jobs. Having already made a profound impact on the local economy; it is assumed that Herkimer College will continue to be a significant player in the local economy in the years to come.
