ASBO New York Releases Tool that Measures Economic Impact of School Districts

ALBANY, NY (05/07/2019) (readMedia)-- ASBO New York unveils a School District Economic Impact tool that documents public education's district-level, regional, and statewide economic footprint. In the 2017-18 school year, school districts were responsible for 602,000 full-time jobs statewide. School districts directly employed the equivalent of 360,000 full-time positions and another 242,000 full-time jobs are indirectly linked with companies supplying goods and materials to school districts as well employee spending. Total earnings for these jobs statewide is $45.34 billion. Public education's economic footprint generates $2.39 billion in state income tax and $1.1 billion in sales tax.

Traditionally, the benefits of public education have been measured over the long-term. As students graduate from high school and enter the workforce or attend college, they contribute back to society and their communities through both civic engagement (e.g., voting and volunteering) and financial support (e.g., paying taxes to fund Social Security or donations to charitable organizations). Beyond public education's long-term benefits, there are more immediate economic impacts that school districts have on their communities. Until now, no one has measured them systematically.

This analysis uses an economic multiplier that measures both the direct and spillover impact of school district spending in terms of employment, income, and taxes generated.

"This analysis shows that public education has a substantial economic impact on the state in addition to its important role in preparing students for college or careers," says Michael Borges, Executive Director of ASBO New York.

In addition to the statewide economic impact of public education, ASBO's School District Economic Impact tool shows the jobs, payroll, and taxes generated by each school district and the impact on each region.

"This month communities across the state will vote on school budgets for the 2019-20 school year," Borges continues. "ASBO's School District Economic Impact study provides voters additional data about the impact public schools have on their communities, regions and state."

Contact the school business official at school districts in your area to get individual district information.

ASBO New York represents approximately 2500 school business officials and staff across the state who work in school districts and BOCES. School business officials fulfill the role of chief financial officers (CFO's) who are typically responsible for managing finances and human resources as well as overseeing departments dealing with transportation, facilities and food service.