Hudson Valley Community College Has $193 Million Economic Impact, Regional Planning Group Estimates
CONTACT: Eric Bryant (518) 629-8072
FOR RELEASE: Immediate, Monday, November 11, 2002
Hudson Valley Community College had a $193 million economic impact on the Capital Region during the 2000-2001 academic year, according to a recent study released by the Capital District Regional Planning Commission.
The study estimates that the area's second largest educational institution has had a significant impact on the Capital Region economy and, during the year studied, provided $69 million in household earnings for college employees and others impacted by college operations. The study used figures provided by Hudson Valley, including an annual payroll of $42 million and a capital construction budget estimate of $6.7 million.
Planning commission staff estimated that the college makes up .162 percent of the total four-county Capital Region economy. While that may not seem like much, it represents 3,216 jobs that would be gone if the college didn't exist, planners said.
"We take pride in the fact that Hudson Valley Community College is one of the economic engines of the Capital Region," said President John Buono. "We take even greater pride in knowing that our college is making an educational impact on so many lives."
The college is in the middle of ongoing growth, both in the number of students it serves and its physical plant. This year, Hudson Valley topped 11,000 total students for the first time in its 49-year history, and also saw its largest-ever new enrollment. Several new buildings have been constructed or renovated extensively during the past few years, including the new Viking Child Care Center and the renovated Guenther Enrollment Services Center.
The study does not take into account the impact made by Hudson Valley Community College graduates, which would be significant. Approximately 70 percent of Hudson Valley alumni remain in the Capital Region.
A similar study in 1999 stated that Hudson Valley had a $159 million impact on the economy during the 1998-99 academic year.
The Capital District Regional Planning Commission serves Albany, Rensselaer, Saratoga and Schenectady counties with planning services. It was established in 1967 to support comprehensive regional planning work and provide a wide variety of other planning services.
Hudson Valley Community College offers more than 50 degree and certificate programs in four academic divisions: Liberal Arts and Sciences; Engineering and Industrial Technologies; Health Science; and Business; as well as an Educational Opportunity Center, offering certificate programs in academic and workforce preparation. One of 30 community colleges in the State University of New York system, it has an enrollment of more than 9,000 students each year, and is known as a leader in distance learning initiatives and worker retraining.