Syracuse University Study Shows Nearly $2 Billion Economic Impact on Central New York

A newly released economic impact study finds that Syracuse University remains a major economic engine for Central New York, contributing approximately $1.8 billion to the region’s economy in the 2023-24 fiscal year.

The comprehensive analysis, conducted by market analytics firm Lightcast and commissioned by the university, shows that Syracuse University’s influence extends well beyond its campus, supporting more than 35,000 jobs across five counties — including Cayuga, Cortland, Madison, Onondaga and Oswego — and accounting for roughly 5.2 percent of the regional gross product.

According to the report, the university’s economic footprint grew nearly 64 percent since a prior study in 2017, highlighting the institution’s expanding role in regional growth.

Key drivers of the economic impact include:

• University operations and payroll, which contributed hundreds of millions in regional income.

• Research and innovation activities, generating significant economic activity through academic programs and partnerships.

• Startup and spin-off companies linked to Syracuse University, which alone accounted for nearly $1 billion in economic activity.

• Alumni working in the region and student and visitor spending, further bolstering local commerce.

• Athletics programs, which contributed tens of millions in economic output and supported additional jobs.

“Syracuse University’s future is inseparable from the future of Central New York,” said Chancellor Kent Syverud, reflecting on the findings. He noted that a thriving region is essential to the institution’s success, and praised the partnerships between the university, local governments and industry leaders that have helped drive the region’s economic momentum.

The study’s release comes at a pivotal time for the region, as Central New York attracts major new investments and builds upon growth opportunities tied to technology and advanced manufacturing initiatives.

Local officials and community leaders lauded the report, saying Syracuse University’s contributions support jobs and tax revenues that benefit a wide range of sectors, from construction and research to retail and hospitality.

The findings are expected to fuel ongoing conversations about strengthening the region’s economic ecosystem and enhancing collaboration between the university, local governments and business partners in the years ahead.