New report: Paul Smith's College gives multimillion-dollar boost to North Country economy

PAUL SMITHS, NY (02/04/2015)(readMedia)-- Paul Smith's College generates about $76 million for the economy of the North Country region, according to a recent report by the Commission on Independent Colleges and Universities.

A breakdown of the report shows that the college contributes nearly $64 million in spending and construction to the region's economy, while students and visitors to the college spend more than $12 million.

"This report highlights many aspects of the positive impact Paul Smith's has on the North Country," said President Cathy S. Dove. "A lot of that impact comes from our $9 million annual payroll, which helps drive the local economy. Our students are also a great source of talent for local employers. We are pleased that many of them stay after graduation and become permanent members of the community."

Our current students spend quite a bit at local business, too. Paul Smith's Kat Kash program bears that out well. Students spend about $100,000 annually using their Kat Kash debit cards in businesses in the Saranac Lake area. That adds up to about $800,000 in spending since the program was enacted in 2007.

Paul Smith's also benefits the local construction industry. The college recently renovated two of its dormitories and is in the process of building a state of the art wood pellet boiler, which will heat all of its academic buildings upon completion.

Paul Smith's along with Clarkson University and St. Lawrence University contribute a combined $679.9 million to the North Country's economy, according the commission's report.

The three academic institutions are directly and indirectly responsible for an estimated 4,529 jobs.

ABOUT PAUL SMITH'S COLLEGE

At Paul Smith's College, it's about the experience. Paul Smith's, which was founded in 1946, is the only bachelor's degree-granting institution of higher education in the Adirondacks. Our programs – in fields including hospitality, culinary arts, forestry, natural resources and the sciences – draw on industries and resources available in our own backyard while preparing students for successful careers anywhere. For more information: www.paulsmiths.edu.