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Cornell is a state powerhouse, generates $3.3 bn in 2005

Feb '07
Cornell University powered an estimated $3.3 billion in economic activity and directly and indirectly generated over 36,000 jobs in New York State in 2005, according to a university economic impact statement released Feb. 8. Cornell also led the state with its $561 million in research spending while ranking 11th nationwide in research spending in 2005.

Commissioned by former Cornell President Hunter Rawlings and endorsed by President David Skorton, the report, "The Economic Impact on New York State," shows how Cornell serves as a powerful economic force by generating economic activity through its purchase of goods and services, salaries, capital construction and more, particularly in central New York and New York City. The report says that Cornell generated close to $1.8 billion in central New York and up to $1.06 billion in New York City in 2005.

"This report constitutes a new and important data point in our effort to understand the additional effects of our institution's far-reaching educational and research activities on the life of our region and the well-being of our communities," said Skorton. "It helps underscore the fact that Cornell's contributions to the state's economy are the product of decades of investment in the institution -- both public and private, both intellectual and financial."

Commenting on the 114-page report, Cornell Provost Biddy Martin said, "While Cornell's economic data illustrate the impact the university has on New York state's economy, this report also shows that the university's greatest contributions are directly related to the quality and dedication of its faculty, staff and students, whose many accomplishments and contributions we have attempted to highlight."

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