From cutting-edge startups to affordable housing and child care, a new economic snapshot reveals just how deeply Cornell University’s influence extends across Tompkins County and the surrounding region.
According to the 2024 Local Economic Snapshot, Cornell spent $1.3 billion in payroll last year, supporting more than 11,000 employees in the area. In addition, its 26,000 students injected $450 million into the local economy through spending on housing, food, shopping, and entertainment.
Cornell-backed innovation also played a major role. Startups incubated by the university’s Center for Life Science Ventures, Praxis Center for Venture Development, and Rev: Ithaca Startup Works raised a combined $23.2 million in 2024, creating or sustaining nearly 100 jobs. Retrn Bioworks, one of those startups, is developing biodegradable coatings to combat plastic pollution and aims to close its first $1 million funding round by May.
“It’s been an easy place to recruit exceptional hires,” said Christopher Thomas, CEO of Retrn, praising Ithaca’s appeal to talent.
The university’s financial reach extended beyond business. Cornell invested $300,000 in affordable housing initiatives and contributed over $130,000 to area nonprofits tackling food insecurity, mental health, and economic hardship.
Cornell’s construction spending surged from $77 million to $99 million in just one year, driven by projects like the new Atkinson Hall and residential renovations at Balch Hall. The university also paid $4.8 million in property taxes and a similar amount in municipal fees, while making over $10 million in total contributions to local governments, school districts, transit systems, and nonprofit groups—up more than 40% from the previous year.
A key focus was expanding access to child care, an area where Cornell partnered with local agencies to add nearly 200 new slots across Tompkins County. “Much of New York state is a child care desert,” said Barb Mechalke of the Child Development Council, noting the significance of these new resources for the broader community.
The university’s total economic impact is even greater when factoring in indirect effects. A separate analysis by the Commission on Independent Colleges and Universities of New York estimated Cornell supported more than 31,000 regional jobs and generated $5.6 billion in annual economic activity in 2022–23, with even higher totals expected for the latest fiscal year.
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