Hobart and William Smith Colleges may not pay property taxes, but it wields plenty of economic impact in the region and state, a new study says. A recent analysis by the Commission on Independent Colleges and Universities said the Colleges’ total economic impact in 2015 was $269.2 million, an increase of about $25 million since 2013. The commission used data from the Center for Governmental Research in Rochester.
The report said higher education was a significant economic driver in New York state in 2015, and that independent institutions of higher education had a nearly $80 billion impact on the state’s economy. The $269 million HWS total includes direct spending by the school, construction and labor costs, and estimated student and visitor impact.