The economic impact of OCC
OCC plays a key role in helping students increase their employability and achieve their individual potential, while drawing students to the region, and generating new dollars and opportunities for Central New York. This study measures the economic impacts created by OCC on the business community and the benefits the college generates for students, taxpayers, and society, in terms of economic impact and investment analysis.
All results reflect employee, student, and financial data, provided by the college, for fiscal year (FY) 2017-18.
Economic Impact Analysis
In FY 2017-18, OCC added $619.3 million in income to the Central New York economy.
OCC’s impact supported 8,506 regional jobs, and the activities of OCC and its students support one out of every 52 jobs in Central New York.
Operations Spending Impact
• OCC employed 2,002 full-time and part-time faculty and staff. Payroll amounted to $74.8 million.
• The college spent another $24 million on day-to-day expenses related to facilities, supplies, and professional services.
• The net impact of the college’s operations spending added $103 million in income to the regional economy.
Construction Spending Impact
• The net impact of OCC’s construction spending in FY 2017-18 was $1.1 million in added income for Central New York.
Student Spending Impact
• Around 8% of credit students attending OCC originated from outside the region. All of these students relocated to Central New York.
• The expenditures of relocated and retained students in FY 2017-18 added $18.6 million in income to the Central New York economy.
• The net impact of OCC’s former students currently employed in the regional workforce amounted to $496.6 million.
• OCC’s FY 2017-18 students paid a present value of $20.9 million to cover the cost of tuition, fees, supplies, and interest on student loans.
• In return for their investment, students will receive $375.8 million in increased earnings over their working lives. This translates to a return of $6.70 in higher future earnings for every dollar students invest in their education. Students’ average annual rate of return is 21.7%.
Tax Payer Perspective
• Taxpayers provided OCC with $54 million of funding in FY 2017-18.
• For every dollar of public money invested in OCC, taxpayers will receive $3.90 in return, over the course of students’ working lives. The average annual rate of return for taxpayers is 9.3%.
• In FY 2017-18, New York invested $152.5 million to fully support OCC.
• For every dollar invested in OCC educations in FY 2017-18, people in New York will receive $14.10 in return, for as long as OCC’s FY 2017-18 students remain active in the state workforce.