Community » Socioeconomic Impact

Herkimer College’s Profound Community Impact

Community ImpactHerkimer College has a significant impact on the economic and social well-being of Herkimer County. Through our work to provide educational excellence and opportunity, the local community benefits from workforce development, an expanded economy, reduced social costs, higher business revenues, increased individual earnings, more career opportunities, greater availability of public funds, and an eased tax burden.

In the spring of 2010, Herkimer College partnered with Economic Modeling Specialists Inc. (EMSI), to conduct a study of the economic contributions of the College. Some of the chief findings of this research are below:

Herkimer College’s total impact amounts to an estimated $75 million in added income in Herkimer County each year. This impact breaks down as follows:

  • The accumulated credits achieved by former Herkimer College students over the past thirty years translate to $48.9 million in added regional income each year due to the higher earnings of students and increased output of businesses.
  • The Herkimer County economy receives approximately $26.1 million in net added income each year due to Herkimer College operations and the spending of non-local students.
  • Taxpayers see a rate of return of 6.5% on their investment in Herkimer College.
  • New York benefits from improved health and reduced welfare, unemployment, and crime, sav­ing the public around $952,900 per year.

Herkimer College has a profound impact on the lives of students, taxpayers, local businesses, and social progress. To learn more about Herkimer College’s socioeconomic impact, view the executive summary of the report or the corresponding fact sheet.