It is true that professionals have more money than students but that does not disqualify the fact that students also contribute a great deal to the economy, especially the communities where colleges are.
Colleges are big contributors to the local economy. In fact, college towns have a vibrant economy as they provide different forms of services, entertainment, and activities that cater to students and the community as well.
A 2015 report showed that an average bachelor's degree holder contributes $278,000 more to the local economy through direct spending than the average high school student. For example, in New York alone, independent colleges and universities contributed a total of $79.6 billion to the state economy in 2015 alone.
In a report by the Commission on Independent Colleges & Universities in New York, the revenue came from three areas of spending - visitor and student spending, academic medical centers, and institutional impact.
Even during the time when enrollment in higher education decreased by two percent, these independent universities and colleges remained stable and continued to contribute to the economy.
In Mohawk Valley alone where three colleges are located, the total revenue it contributes to the state economy is $686 million. Every year, there are 7,900 students who enroll in these universities in the area. These students, along with visitors, directly spend a total of $17.5 million.
Moreover, the colleges in the area impact area by contributing $686 million every year through employment and construction. For example, Hamilton College spends $344 million on salary and wages of its employees. These employees include the faculty as well as the people who maintain and keep the campus working. The college spends an additional $18.5 on construction as well.
Meanwhile, Utica College vice president for advancement George Nehme said that they (Utica College) are committed to being a vital part of the economic and cultural environment of the whole region.
