Published January 26, 2016
Operations of the University at Buffalo directly or indirectly affect residents throughout New York, generating $2.18 billion annually in overall economic impact. As a result of expenditures on goods and services by UB, its faculty, staff, students and visitors, the overall economic impact of UB operations on the State of New York in FY 13-14 was $659.9 million direct impact and $1.5 billion indirect and induced (a total of $2.18 billion). For every dollar the state appropriates to UB, the university returns $13.9 back to the state in economic activity. The university supports 19,715 jobs in the State of New York. According to NYS labor statistics, one out of every 386 jobs in the state, and one in every 29 jobs in the WNY area, is attributable to UB.
UB supports 19,715 jobs in the State of New York. According to NYS labor statistics, one out of every 386 jobs in the state is attributable to the university. These jobs (both full-time and part-time) include not only direct employment by the university, but also indirect and induced jobs created by supply and equipment vendors; contractors; and laborers for the University facilities improvements; and jobs created in the community at hotels, restaurants, and retail stores in support of the University’s workforce and its visitors.
UB directly employed 7,219 people during FY 13-14. The university supports thousands of jobs statewide in virtually every sector of the New York economy; such as construction, business and professional services, restaurants and hotels, information technology, security, and temporary employment companies. These indirect/induced jobs (12,496 jobs) support the more than 7,200 jobs held by New York residents directly employed by the university.
The university’s operations are impactful throughout the Buffalo-Niagara Area where UB has a total impact of $1.76 billion.
The expenditures due to the research conducted with UB during FY 13-14 resulted in an overall economic impact of $731.9 million, and UB’s operational and capital expenditures for sponsored research and other sponsored programs supported 4,372 jobs. These jobs include not only UB’s direct employment of research professionals, but also indirect jobs created by supply and equipment vendors, contractors, and laborers for the construction and renovation of laboratory facilities, administrators and managers who support the research infrastructure, and jobs created in the community by the disposable income of the scientific workforce.
The University’s research operations make tangible and quantifiable economic contributions. Along with creating jobs for research staff and support personnel, UB scientists are contributing to new product development and technology commercialization. Knowledge and technology transfers have helped to start commercial ventures that promote entrepreneurship, economic development, and job creation.
State and local government revenues attributable to the presence of UB totaled nearly $154.7 million in FY 13-14, of which $130.2 million is in Erie and Niagara counties. This current impact is expected to grow substantially as the Downtown Campus continues to grow; this campus houses the biomedical sciences and research within UB and continues collaborations with the other medical partners at the Buffalo-Niagara Medical Campus. The construction project alone is currently adding $1 billion in spending to the local and state economy.
Through its local spending, as well as direct and indirect support of jobs, the presence of the University stabilizes and strengthens the local and statewide tax base. UB is an integral part of the state’s economy – generating revenue, jobs, and spending.
UB’s total impact on the State of New York goes beyond its annual operational expenditures. The qualitative value and impact of the University goes far beyond its annual multi-billion dollar economic impact. Through its academic programs, UB is helping to grow New York State by educating the highly skilled workforce that will be needed to compete in a global economy, providing the next generation of innovators with a firm foundation upon which to grow their own ideas and helping to build the next generation of scholars. Moreover, UB provides the larger community with access to faculty experts, adds richness and diversity to the region’s cultural offerings, imports culture from outside of the country with international students, has provided the research expertise, and is growing its new campus to become recognized throughout the world as a center of cutting-edge biomedical research collaborations with multiple hospitals to create a biomedical research cluster. On a daily basis, the lives of those in the surrounding communities are significantly enhanced by UB's presence in a multitude of ways.
UB educates the workforce that New York needs to successfully compete in the 21st Century global economy. Nearly 8,000 students graduate every year from UB and are essential to meeting the state’s human capital and workforce needs. In FY 13-14, the university conferred 7,561 degrees. About 77% of graduates will stay in New York and contribute to the state economy.
By educating students, UB adds to the talent pool of human capital in New York. A UB degree increases a graduate’s value, productivity, and earning potential in the job market. Based on data on median annual earnings for university graduates in 2008 from the U.S. Department of Commerce’s Bureau of Economic Analysis, a bachelor’s degree earned at a university increases a graduate's salary by an average of $20,748 a year compared with a high school graduate’s salary (from $32,552 to $53,300), while a graduate degree earned at a university increases a graduate's salary, when compared to a bachelor's degree, by an average of $15,756 a year (from $53,300 to $69,056). Considering the average individual’s work life is roughly 40 years, the benefit of earning a college degree provides about $829,920 more in total lifetime wages over an individual whose education stopped after earning a high school diploma.
It is estimated that UB employees and students generate more than $12.5 million annually in charitable donations and volunteer services. These benefits are in addition to the $2.18 billion annual impact and include the following:
UB Community Programs:
Through the work of UB students, faculty, and alumni, the university is making a positive difference in the local community, as well as all around the world. Through the work done by UB students and faculty applying their knowledge to a range of projects addressing global challenges, UB is able to make a real difference globally. From training earthquake engineers in Haiti to documenting vanishing languages in Cameroon, the research and outreach done at UB changes lives around the world, in addition to changing the lives of the students and faculty.
Through globally focused academic programs and a multicultural learning environment, UB seeks to prepare students for life and work in an interconnected, global society. UB offers opportunities to increase global awareness through their Global Perspectives Academy, Area Studies and Language Programs, and study abroad programs.
Students and faculty at UB are encouraged to have a global perspective and the University facilitates opportunities for students and faculty to apply their knowledge to a range of projects addressing global challenges. Currently, the following initiatives involving UB faculty and students are taking place: