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Economic Impact of CIMS Sustainability Institute

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Abstract:

A new Sustainability Institute focused on sustainable design and manufacturing, fuel cell research, and renewable energy research has been proposed for Rochester Institute of Technology (RIT). The institute would be part of RIT’s Center for Integrated Manufacturing Systems (CIMS). CGR explored the potential impact of the new institute on the Rochester NY regional economy by assigning values for employment and payroll to plausible outcomes of the proposed expansion. CGR’s potential growth estimates are contingent on a number of key assumptions.

The key assumptions include: a) the institute will maintain the robust rate of growth experienced by CIMS in recent years; b) approximately two-thirds of an estimated $36 million in projected revenues in 2011 will be driven by the growth of firms contracting with the institute and a proposed affiliated spinoff as a result of this substantial entrepreneurial activity. CGR’s findings: by 2011 the institute could stimulate 6,000 new jobs with earnings of roughly $650 million. Not all of these estimated direct and spillover jobs created would occur locally since the institute may conduct business with firms across the country and/or the world.