Upstate Medical University’s medical students and workforce generate $3.2 billion dollars annually, and the lion’s share stays here. A new economic impact report commissioned by Upstate shows in 2024, the medical university created about 24,000 jobs either directly or indirectly. Economist Paul Umbach said the report finds the City of Syracuse receives a billion dollars annually in revenue from Upstate’s buying power and residual economic impacts.
“We actually think that the city impact could be even greater because a lot of the dollars swim outside of the city into the county, into the region and into the state." He said. "So, I feel there is great economic opportunity in this med and ed corridor.”
In fact, Umbach says about a third of the region’s economy is driven by either healthcare or higher education institutions like Syracuse University. He adds other business sectors also benefit from Upstate.
“Well, the spin-offs are bioscience economic development, research commercialization and advanced manufacturing related to health and health science types of innovation.”
Umbach said the students who attend the health science university are more likely to remain local and make an additional economic impact that’s three or four times that of other students in the region. The report also shows physicians who are alumni of Upstate generate $4.2 billion in economic activity for Central New York. Click here to view the entire report. Upstate Medical University is a supporter of WAER.
