The Economic Value of Onondaga Community College

Onondaga Community College creates a significant positive impact on the business community and generates a return on investment to its major stakeholder groups; students, taxpayers, and society. Those are the findings of a study conducted by Lightcast, a global leader in labor market analytics.

Operations Spending Impact

• Total payroll at OCC in the financial year 2022-23 was $46.5 million, much of which was spent in the region for groceries, mortgage and rent payments, dining out, and other household expenses.
• Additionally, the college spent $14.9 million on expenses related to facilities, supplies, and professional services.
• OCC's operations spending added $60.9 million in income to the region, the equivalent of supporting 1,063 jobs.
• Student spending generated $7.1 million in added income for the regional economy, which supported 101 jobs in the region.
• OCC Alumni generated $356.4 million in added income for the regional economy, equivalent to supporting 4,154 jobs.
• OCC added $424.5 million in income to the Central New York economy, which is 0.8% of Central New York's total gross regional product.
• The $424.5 million impact supported 5,318 regional jobs, meaning that one out of every 86 jobs in the region is supported by the activities of OCC and its students.

Investment Analysis

• Successful students received a return of $5.80 in higher future earnings for every dollar they invested in their education, making their annual rate of return 18.2%.
• For every dollar invested in OCC, the people of New York received $7.80 in return.

Conclusion from Lightcast

• "The college benefits regional businesses by increasing consumer spending in the region and supplying a steady flow of qualified, trained workers to the workforce. OCC enriches the lives of students by raising their lifetime earnings and helping them achieve their individual potential. The college benefits state and local taxpayers through increased tax receipts and a reduced demand for government-supported social services. Finally, OCC benefits society as a whole in New York by creating a more prosperous economy and generating a variety of savings through the improved lifestyles of students."