Paul Smith's College counts $49M local economic impact

PAUL SMITHS | Economic analysis of 2022-23 data shows Paul Smith's College (PSC) brings $49 million to the regional economy. PSC Director of Communications Jeff Macharyas provided an impact overview to include spillover spending, which incorporates business-to-business and household-to-business interaction from income earned. Macharyas gathered data from the Integrated Postsecondary Education Data System (IPEDS). The current Paul Smith's College IPEDS profile shows tuition and fees for 2023-24 were slightly above $32,000 with both off-campus and on-campus food and housing around $16,000 per year. The college reports 99 percent of students receive scholarships, grants and other financial assistance. And the full-time student retention rate at Paul Smith's College last year reached 76 percent, a 20-year high mark. Macharyas highlighted some of the fiscal strength PSC brings to the local economy. "In 2022-23, the college supported 400 jobs, including 200 on campus," he said in a news release. "These jobs have a combined payroll of $16,900,000. Employees at this institution and others whose employment is dependent upon it, contributed an estimated $1,100,000 in state personal income tax revenue and state and local sales tax revenue in fiscal year 2022-23." College students and visitors contribute $6.6 million to the local economy, he added. "This includes discretionary spending by students combined with money spent by campus visitors attending parents' weekends, conferences, sporting events, and other campus activities. Direct spending by students and visitors creates spillover spending, which is also included here." The college is working to heighten engagement with students and alumni, and, at the same time, deepen community connections that support local business and science across a wide spectrum of profession and occupation, including forestry, culinary arts, environmental sciences and management, business and hospitality management. College communications reinstated the quarterly magazine in fall 2024. It was published last month after a two-year pause. It is newly named simply "Paul Smith's Magazine." The inaugural cover asserts achievement: "Built on Grit. Fueled by Adventure." Its 68 pages highlight the array of accomplishment from students, staff and alumni. The college reports its incoming undergraduate class increased enrollment by six percent, adding 188 full-time students, including 42 veterans and veteran dependents. Forty percent of students are athletes. Graduate-level enrollment grew by 32 percent. PAUL SMITH'S CONNECTED In August, Dan Kelting was officially named college president, having served as interim for nearly two years, after a 20-year leadership post as executive director of the Adirondack Watershed Institute. Kelting put initiatives in motion to build enrollment, drawing from the college's deep roots in the Adirondack Park; environmental, culinary and hospitality science; and external engagement with community. "We are able to draw on industries and resources available in our own backyard while preparing students for successful careers anywhere," the college bio states. "Our community of resourceful, enterprising, supportive and adventurous individuals collectively provide experiential education, student support in the classroom and beyond, and meaningful opportunities for our alumni. "We pride ourselves on research and advocacy on issues that improve our planet and the lives of the people who inhabit it." The redesigned Paul Smith's Magazine is available to read online: paulsmiths.edu/paul-smiths-magazine/ Find out more about Paul Smith's College undergrad and graduate programs at paulsmiths.edu

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Paul Smith's College counts $49M local economic impact

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