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College generates $62 million for economy

SARANAC LAKE North Country Community College created more than 62 million dollars in regional economy impact in 2007-2008, according to its most recent Economic Impact Statement. The impact of the College is noteworthy, said Interim NCCC President Fred G. Smith. Most people recognize the educational impact that North Country Community College has on its sponsor counties of Essex and Franklin, he said. However, the strong, positive economic impact that the college has on this area is sometimes overlooked. The total estimated economic impact was $62,727,148 for the academic year 2007 2008. To arrive at that figure, expenditures including employee benefits and salaries, student expenses (excluding tuition) and purchase of goods and services were added together for a total of more than $25,090,859. Then using the Ryan-New Jersey model 2.5-multiplier effect, the total economic impact was estimated. The 110 full-time and 70 part-time employees bought goods and services locally and regionally with $6,078,000 in salaries expended by the College. Employee benefits totaled $2,417,967. Students, who numbered about 2,100 in 2007-2008, spent money on rental housing, transportation, food, personal items, living expenses and more. The total expenditure by students was estimated at $9,757,150. The economic impact on the region is expected to grow even more in the 2008-2009 academic year, said Smith. The College has experienced the highest rate of enrollment growth in the SUNY two-year institutions for several years. That translates to increased spending by students and the College. Salaries and wages paid to employees will also grow according to contractual agreements.

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