New report examines Skidmore's economic impact

Skidmore College has released a report outlining its impact on the area economy, with a focus on Saratoga County. The college unveiled the report at its sixth annual Community Leaders Breakfast, held on campus March 29.

To assess its economic impact, Skidmore commissioned a study from the Albany-based Capital District Regional Planning Commission. Using the RIMS II model (Regional Input-Output Modeling System II) to measure the ripple effect of the college's operating and capital budgets, the study determined that Skidmore's overall economic impact on the county is approximately $416.4 million annually, with an annual employment impact of 3,080 jobs. 

The model measures estimated annual effect on 20 industry groups, including construction, manufacturing, retail, health care, real estate, and accommodation/food services.

Skidmore's current operating budget is $130 million, and its capital expenditures for the year (including renovations, equipment purchases, information technology investment, and construction) total about $24 million. The college's current payroll and related benefits total more than $80 million for its 839 full-time-equivalent employees.

"There's also the $46 million the college will spend this year to purchase a range of goods and services, and this certainly makes a difference locally," Skidmore President Philip A. Glotzbach told the 115 attendees at the Community Leaders Breakfast. He noted that discretionary spending by Skidmore's 2,400 students also provides an economic boost to area communities.

"To cite just one industry group, Skidmore has recently been highly active in the construction sector, with much of the work and supplies coming from local companies," said Glotzbach. "The college's expenditures for new construction and design services for the current year are estimated at $14 million."

Skidmore's previous study by the Capital District Regional Planning Commission was conducted in 2007, at which time the college's estimated annual economic impact on Saratoga County was $342.2 million. The new figure of $416.4 million, when adjusted for inflation, shows a 10.2% increase in the college's economic impact over five years.

Glotzbach gave additional information not included in the CDRPC report, such as the economic benefits that extend from the many visitors Skidmore attracts to the area. He reported that approximately 6,500 high school students and their families visit the campus annually for admissions interviews and events, and that the college draws large turnouts for such events as Alumni Reunion, Family Weekend, and Commencement. "They all bring their purchasing power with them," said Glotzbach.

Moving beyond economic issues, Glotzbach cited Skidmore's contributions in terms of cultural and educational programs, as well as community service. He said that the college offers some 800 public events annually, ranging from lectures and art exhibitions to intercollegiate athletics. He reported that approximately 850 Skidmore students volunteer each year to assist some 40 community agencies and organizations, and that Skidmore employees also play a key role in the volunteer sector.

"Saratoga Springs and its surrounding communities give the college a powerful sense of place. The vibrant culture here provides a quality of life that is hard to beat," Glotzbach told the gathering. "The college, in turn, gives back to the community in many ways."

For the full CDRPC report and an overview of Skidmore's economic impact click here.