COLIN PERRY
Staff Writer
As students left Fredonia for the summer last May, the university unveiled a study that showed its effect on the local and state economies. According to the University at Buffalo’s (UB) Regional Institute, the college has an economic impact of $157 million in the local area alone.
Economic impact, according to the study, is calculated through combining Fredonia’s spending and additional economic activity that are indirectly related to the college, such as when students buy a meal from a restaurant in the area. The data used for the study, the most-recent available, is based on spending from the 2012 – 2013 academic year.
In addition to the local spending in the Fredonia-Dunkirk area, the study also found an impact of over $204.3 million throughout Chautauqua, Cattaraugus and Erie counties. Statewide, the impact is nearly a whopping $330.8 million from Fredonia-related activity.
The study was commissioned by Fredonia because, as Vice President for Engagement and Economic Development (EED) Dr. Kevin Kearns said, “it’s just good practice, frankly, to be able to establish a baseline of your economic impact in the area and the region.”
Kearns also said that the study’s timing was influenced by the creation of his office, which is Fredonia’s newest division, as well as to assist in work being done to help the local community at the Technology Incubator.
“We’re committed to helping out in the region, and I think it makes sense to show both for ourselves and to the community how impactful we are,” said Kearns.
While informal studies have been done in the past, this is the first time an independent evaluation of Fredonia’s economic impact has been done, which, according to Kearns, “really validates what you’re doing, and validates the results.”
In determining the college’s economic impact, the study also took note of a number of other statistics that many may be surprised by. For example, students spent $47.7 million off-campus over the course of one year. Visitors, on the other hand, only spent a relatively small $4.39 million, but an estimated 87,700 of them came to the campus.
The college was also the largest employer in the Fredonia-Dunkirk-Sheridan area, with 1,780 employees from 2012 – 2013. The average full time salary was $56,758, which, according to the study, was well above the Chautauqua County average of $34,590.
For his part, Kearns was not surprised by the study’s findings, but found it interesting how closely Fredonia’s impact per student mimics that of UB’s, according to those at the Regional Institute. “That kind of validates the fact that our impact is real and substantial, in the same way that UB’s is on a larger campus,” Kearns added.
While the statistics used in the study are a few years old, Kearns hopes that recent issues like the school’s dropping enrollment will be offset over time, whether it be through job growth from the Technology Incubator or other factors. “It really is a comprehensive study, and [student enrollment] is one of many factors that impact the results.”
There are no official plans to do a follow-up study, although the Division of EED is hoping to take a look every 3 to 5 years “depending on need and resources.”
All in all, Kearns thinks students should care about the study’s findings because “it’s nice to know you’re part of something bigger. It’s important to realize that the university is one of the major employers in the area, that the money students spend to come to college […] really does have an impact beyond school.”
Students who wish to view the study may find it at www.fredonia.edu/engagement/economicimpact.asp.