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Economic Development

GCR promotes RIT’s effort to catalyze business activity and promote a vibrant Henrietta, City of Rochester and Finger Lakes Region. We work across the university to leverage all of RIT’s assets to stimulate growth, strengthen neighborhoods and create opportunity.

 RIT, our public sector partners, private sector businesses and economic development organizations work collaboratively to ensure we live and work in a vibrant region.

“In higher education, economic development means proactive institutional engagement, with partners and stakeholders, in sustainable growth of the competitive capacities that contribute to the advancement of society through the realization of individual, firm, community, and regional-to-global economic and social potential.” - APLU’s Commission on Innovation, Competitiveness, and Economic Prosperity (CICEP) and UEDA

Economic Impact Statement:

RIT contributes significantly to the town, county and state economy. We provide direct employment for over 4,000 people. RIT serves as a cornerstone for investment, and fuels the local economy though our operations and activities. In 2013, RIT’s total economic impact exceeded $1,332,000,000.  Examples of RIT’s economic contributions to the community include:

  • $526,510,000 in total direct institutional spending
  • $46,420,000 in construction spending
  • $1,180,540,000  institutional, construction and spillover impact
  • $539,410,000 in labor compensation
  • $151,640,000 in student and visitor impact
  • $30,738,000 in NYS Personal Income Tax Revenue
  • $8,444,000 State & Local Sales Tax Revenue
  • 9,350 direct & spillover jobs

 

Venture Creations Incubator
Rochester Chamber of Commerce
Start Up New York
Greater Rochester Enterprise
Center for Urban Entrepreneurship