Study: UAlbany Generates More than $1B for Capital Region Economy

aerial photo of UAlbany's Uptown Campus

New Board of Industry, Government and Local Businesses Partners to Amplify Impact on Capital Region Economy 

By Amy Geduldig

ALBANY, N.Y. (Dec. 10, 2024) — The University at Albany generates $1.1 billion in economic activity throughout the Capital Region, according to a report released today. The analysis, conducted by the Capital District Regional Planning Commission, found the economic impact of UAlbany translated into:

  • $813 million in operational impacts
  • $211.7 million in construction-related impacts 
  • $80 million in UAlbany students spending in local communities 
  • Over 8,000 jobs across the Capital Region

Following the release of the report, the University established the President’s Industry and Economic Development Advisory Board, designed to strengthen UAlbany’s commitment to the Capital Region and beyond. The board’s inaugural meeting will be held in January.

“For 180 years, the University at Albany has been an engine of opportunity for the Capital Region. This economic impact report confirms that UAlbany continues to drive innovation, economic opportunity, and employment for our region. From creating jobs with construction projects to preparing the next generation of our state’s high-tech workforce to conducting research that unlocks new industries like semiconductor manufacturing and biotechnology, UAlbany is leading our community forward,” said Havidán Rodríguez, President of the University at Albany. 

“UAlbany endeavors to harness the power of innovation to benefit our community and region. We are strengthening that commitment by establishing a President’s Industry and Economic Development Advisory Board made up of leaders from industry, government, and local businesses. This new board will help ensure that UAlbany’s work is aligned with regional economic development goals and industry needs.”

The report focused on an assessment of the overall economic impact of several main drivers: student, faculty and staff spending; construction projects; and the University's purchasing of the goods and services required for University operations. The University’s last economic impact report was released in 2018.

The permanent, ongoing operations of the University are the largest contributor to the institution’s annual economic impact, contributing on average more than $813 million per year. Day-to-day operations of the University included direct, indirect and induced impacts, such as household spending, on the regional economy. 

UAlbany operations supported more than 6,700 jobs, added $399 million in labor income and added $493 million in value through its operations.

Research that Advances the Public Good

As one of the nation’s most diverse Research 1 institutions, UAlbany specializes in research that benefits the public good by focusing on areas with significant potential for real-world impact, including areas such as semiconductor design, artificial intelligence, climate and environmental sciences, social and health equity, drug discovery and cybersecurity. 

As one of four research centers within the State University of New York, UAlbany is a critical regional research and commercialization hub where scientists work with industry to translate basic research into products that can help people. In 2023, UAlbany led the Capital Region in higher ed research and development expenditures, reporting $142 million in R&D activity to the National Science Foundation.

The University expects to significantly increase those expenditures in 2024 as a result of notable efforts that support research and development work in the region, including: 

Building a Stronger Economy 

The estimated annual average economic impact for capital construction activities of the University is more than $211.6 million per year, supporting nearly 1400 jobs, over $100 million in labor income and adding over $137 million in value.

The University at Albany’s capital investments include improvements to academic and research facilities, residence halls, athletic and event spaces. In the five years since the University’s last economic impact report, the institution has announced the completion of several major capital projects, including:

  • The new home of the University’s College of Nanotechnology, Science, and Engineering now open in the renovated former Albany High School. The $85 million project has now entered the final phase of renovation to the building’s north wing and auditorium, which is expected to be completed in mid-2027
  • The $180 million state-of-the-art ETEC research and development complex — the epicenter of many of the University’s signature research strengths, including climate science, emergency preparedness and cybersecurity — and a hub for research, scholarship, applied learning and technology commercialization
  • Major Uptown Campus residence hall renovations to Beverwyck and Schuyler halls on Dutch Quad in 2019, including the conversion of the former dining hall into a new headquarters for Student Health Services ($30.7 million), and the renovation and Paine and Zenger halls on Colonial Quad in 2024, which included the transformation of the former dining hall into a new recreation and wellness center ($46.9 million)
  • The $12 million renovation of Broadview Center, featuring seating upgrades, a rotation of the court, new locker rooms, a new video board and additional fan amenities.

An Engine for Tourism and Business Travel

According to Discover Albany, UAlbany is a top destination within the region and visitor spending for those participating in campus events and activities benefits the local economy and provides an important stimulus for local businesses. The University generates over $80 million in student spending in the Albany area, as well as $7.3 million in visitor spending. Athletic camps, festivals and campus events brought an estimated 163,900 attendees—approximately half of whom were not directly affiliated with the University. Over 19,000 visitors were in the Albany area for the University’s Commencement last May.

The University at Albany is widely recognized as a top institution supporting the social mobility of its students, which in turn increases the likelihood of successful students returning as alumni and their further economic investment in the Capital Region. According to Third Way’s 2023 Economic Mobility Index, the University is one of the leading higher ed institutions “unambiguously delivering strong economic mobility outcomes.” UAlbany has also been regularly ranked among the top institutions for social mobility by U. S. News and World Report and the Wall Street Journal, both of which assess how well institutions help their students strengthen their socioeconomic status. 

A New Advisory Board for Industry and Economic Development 

With the creation of a new board of community partners from industry, government and local businesses, the University seeks to support four important goals for the University and the Capital Region:

  • Align UAlbany’s research with industry needs
  • Attract and retain top talent at UAlbany and in the Capital Region
  • Refine approaches to research translation and commercialization
  • Drive regional economic development

Beyond these initial goals, the board will also focus on addressing the region’s most pressing needs and making a lasting, positive impact on the economic landscape.

Members of the board include: 

  • Dave Anderson, NY CREATES 
  • Mark Eagan, Capital Region Chamber and Center for Economic Growth 
  • Mukesh Khare, IBM 
  • Theodore Letavic, GlobalFoundries 
  • Shari Liss, SEMI Foundation at SEMI 
  • Andy Marsh, Plug Power 
  • Dennis McKenna, Albany Med Health System 
  • Amber Rangel Mooney, National Grid 
  • Alexander Oscilowski, TEL Technology Center America 
  • Daniel Van Plew, Regeneron