  {"id":51342,"date":"2014-05-15T19:48:41","date_gmt":"2014-05-15T23:48:41","guid":{"rendered":"http:\/\/www.rochester.edu\/newscenter\/?p=51342"},"modified":"2015-08-05T13:51:53","modified_gmt":"2015-08-05T17:51:53","slug":"new-report-details-economic-reach-of-university","status":"publish","type":"post","link":"https:\/\/www.rochester.edu\/newscenter\/new-report-details-economic-reach-of-university\/","title":{"rendered":"New report details economic reach of University"},"content":{"rendered":"<p>A new report by the Center for Governmental Research (CGR) shows that the URochester is directly and indirectly responsible for supporting an estimated 50,300 jobs in the region.\u00a0 The report also finds that the new Institute for Data Science will create 460 jobs, and with 22,451 full-time-equivalent (FTE) employees, the University is the eighth largest private sector employer in New York State.<\/p>\n<p>\u201cAs a source of scientific innovation, entrepreneurship, educational excellence, and cultural enrichment, research universities such as the Ä¢¹½´«Ã½ play a critical role in the economic vitality and quality of life of the communities in which they reside,\u201d\u00a0 said Ä¢¹½´«Ã½ president Joel Seligman.\u00a0 \u201cThe contributions that the University makes to our region\u2019s economy are due, in great measure, to the support we have received from philanthropy and local, state, and federal government.\u00a0 These investments have enabled the University to compete on a national level for the top students, faculty, and research grants.\u201d<\/p>\n<ul>\n<li><a href=\"http:\/\/www.cgr.org\/reports\/14_R-1734_UREconImp2013.pdf\">Read the complete report<\/a><\/li>\n<\/ul>\n<p>\u201cEvery region is made stronger by the presence of a catalytic economic engine,\u201d according to the CGR report.\u00a0 \u201cThe Ä¢¹½´«Ã½ is the economic engine for the Rochester Metropolitan Region.\u201d<\/p>\n<p>The URochester, the Medical Center, and its affiliates employed a total of 25,773 people (22,451 FTEs) as of December 31, 2013, making it the eight largest private sector employer in the state and the largest employer based in upstate New York.\u00a0 The University has added 2,288 employees (2,111 FTEs) since the last CGR report in 2012.<\/p>\n<p>The University\u2019s affiliates include Highland Hospital, the Highlands at Brighton and Pittsford, Thompson Health, High Tech Rochester, Excell Partners, and the Visiting Nurse Service<\/p>\n<p>Additionally, the CGR report finds that the University:<\/p>\n<ul>\n<li>Paid more than $1.5 billion in wages;<\/li>\n<li>Spent an average of $241 million per year on capital projects;<\/li>\n<li>Purchased $196 million in goods and services in the Rochester Metropolitan Area;<\/li>\n<li>Drew visitors that booked more than 24,700 hotel reservations.<\/li>\n<\/ul>\n<p>This activity supported \u2013 both directly and indirectly \u2013 approximately 50,300 jobs, more than $2.8 billion in wages, and generated approximately $160 million in sales, personal income, and local property taxes.<\/p>\n<p>The CGR report also projects the economic impact of the University\u2019s new Institute for Data Science, which the CGR projects will create 460 construction and permanent jobs and generate an estimated $530 million in research funding over a ten year period.<\/p>\n<p>The University will soon begin construction on a new 50,000-square-foot-building which will bear the Wegmans name in recognition of the Wegman Family Charitable Foundation\u2019s recent $10 million gift.\u00a0 The IDS was also recently named by New York State as a Center for Excellence for Data Sciences. The building will serve as a hub for faculty and new data science research and education programs in the fields of medicine, science and engineering, the humanities, education, and business.<\/p>\n<p>The demand for people with the skills and training provided by the Institute for Data Science is significant and growing.\u00a0 Quoting a survey by McKinsey &amp; Company, the CGR report points out that in the next five years the U.S. will experience a shortage of 190,000 skilled data scientists and 1.5 million managers and analysts capable of harnessing the information generated by \u201cbig data.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new report by the Center for Governmental Research (CGR) shows that the University is directly and indirectly responsible for supporting an estimated 50,300 jobs in the region.  The report also finds that the new Institute for Data Science will create 460 jobs, and with 22,451 full-time-equivalent (FTE) employees, the University is the eighth largest private sector employer in the state.<\/p>\n","protected":false},"author":176,"featured_media":51352,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3],"tags":[9436,8916],"class_list":["post-51342","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-university-news","tag-community","tag-economy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New report details economic reach of University<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rochester.edu\/newscenter\/new-report-details-economic-reach-of-university\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New report details economic reach of University\" \/>\n<meta property=\"og:description\" content=\"A new report by the Center for Governmental Research (CGR) shows that the University is directly and indirectly responsible for supporting an estimated 50,300 jobs in the region. The report also finds that the new Institute for Data Science will create 460 jobs, and with 22,451 full-time-equivalent (FTE) employees, the University is the eighth largest private sector employer in the state.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rochester.edu\/newscenter\/new-report-details-economic-reach-of-university\/\" \/>\n<meta property=\"og:site_name\" content=\"News Center\" \/>\n<meta property=\"article:published_time\" content=\"2014-05-15T23:48:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2015-08-05T17:51:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rochester.edu\/newscenter\/wp-content\/uploads\/2014\/05\/fea-rush-rhees-skyline.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mark Michaud\" \/>\n<meta name=\"twitter:card\" 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