The Nonprofit Sector: A Vital Economic Force
The Mid Hudson Valley’s nonprofits are most often recognized in their role as stewards of the community’s health and well being. Yet the economic role played by these disparate organizations—from the large institutions like colleges and hospitals to small social assistance agencies—is quite substantial.
This study, which began late in 2005 and was published in July of 2006, was conducted by the Center for Governmental Research (CGR), and analyzed the economic impact and economic profile of nonprofit organizations in seven Mid-Hudson Valley counties (Greene, Columbia, Ulster, Dutchess, Sullivan, Orange, and Putnam).
The study was funded by the Dyson Foundation, and collaborating partners included the Community Foundation of Dutchess County, the Dutchess County Economic Development Corporation and the United Way of Dutchess County.
Highlights from the study findings include the following:
- CGR estimates that the aggregate economic impact of nonprofits in the Mid Hudson Valley economy is about $6.5 billion, 14% of the total output of the region, analogous to “gross domestic product” or GDP at the national level.
- Total employment attributable to the nonprofit sector (both direct and spillover impact) is also sizeable at about 89,000 jobs, about 23% of the approximately 384,000 wage and salary positions in the region.
- Wage and salary income for the Mid Hudson Valley totals about $13 billion. The nonprofit sector, both directly and indirectly, contributes about $2.7 billion, about 21% of the wage and salary total.
- CGR calculates that the nonprofit sector contributes about $109 million annually to NYS personal income tax receipts with an additional $39 million each in state and local sales tax.
PDF documents of the full report, and individual county reports can be download below.