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Sticker Mule released an independent economic impact study by Epsilon Economics estimating that its New York operations generated more than $2.7 billion in state economic activity from 2016 through 2025. The report also estimates 9,500 year-long equivalent jobs, $681.5 million in wages and $49.5 million in state tax revenue; the figures are model-based estimates, not a direct count of new jobs or independently audited company accounts.
Sticker Mule has released a study by economic consulting firm Epsilon Economics estimating that the company’s activity generated more than $2.7 billion in economic impact for New York State between 2016 and 2025. The company says the study also estimates 9,500 year-long equivalent jobs and $49.5 million in state tax revenue, figures that offer a measure of its reported economic footprint in and around its Amsterdam, New York, headquarters.
The report, titled The Economic Impact of Sticker Mule on the State of New York, 2016 to 2025, uses IMPLAN economic modeling to assess direct, indirect and induced effects. Sticker Mule says it was authored by Ryan Smart, Joe Hale and Jeremy De Gracia of Epsilon Economics. The company commissioned and released the study; the supplied announcement does not describe a separate audit of the estimates.
The study breaks the $2.7 billion estimate into $1.7 billion in direct spending on wages and operations, $642 million in indirect spending through suppliers and other businesses, and $387 million in induced spending associated with employees and partner businesses. It estimates 5,501 jobs directly at Sticker Mule and more than 4,000 additional jobs across other employers, for a total of 9,500 year-long equivalent jobs. The report associates those jobs with $681.5 million in wages.
The release puts estimated state tax revenue at $49.5 million, including $18 million in income tax, $15 million in corporate tax and $6.2 million in sales tax. It also reports more than $81 million invested in New York facilities and equipment since 2015. The listed tax categories total less than the headline figure; the release does not break down the remainder.
What the Estimate Says About Upstate Jobs
The report points to the potential reach of a manufacturing company’s activity beyond its own payroll. Its estimates include spending on supplies, shipping, equipment and services, along with household spending associated with wages. For readers in the Amsterdam area, the claimed effects span employers and sectors beyond Sticker Mule itself, including real estate, warehousing, restaurants and health care.
The study says manufacturing accounted for more than $1.7 billion in increased activity, while services accounted for $686 million and wholesale and retail for more than $188 million. Printing alone represented more than $1.6 billion, according to the report. These are modeled impacts, so they describe estimates under the study’s methodology rather than a tally of cash independently observed flowing into each sector.
The results may inform local discussions about manufacturing’s role in the regional economy. They do not, on their own, establish how much growth would have occurred without Sticker Mule, or show that all estimated economic activity was caused solely by the company.
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A Decade of Reported Company Growth
Sticker Mule is headquartered in Amsterdam, New York, and makes custom stickers, labels, magnets, buttons and apparel. The company says it serves customers in more than 70 countries and operates additional manufacturing sites in Gaffney, South Carolina, and Pisa, Italy. The economic study concerns its reported impact in New York, not the total economic activity of all its locations.
According to the company announcement, revenue grew from less than $25 million in 2016 to more than $1.4 billion cumulatively. It reports average annual growth of about 50 percent between 2016 and 2021. The release also cites local contributions to Amsterdam Youth Baseball and Amsterdam Youth Soccer Club, but does not give amounts for those contributions.
Sticker Mule CEO Anthony Constantino said the company was founded to show that a major business could be built in Upstate New York. The study’s authors have conducted economic impact work for events and organizations including the Oscars and the FIFA World Cup, according to the release. That experience describes the firm’s prior work; it does not resolve questions about the assumptions behind this particular estimate.
“We started Sticker Mule to prove you could build a great company in Upstate, NY.”
— Anthony Constantino, Sticker Mule CEO
Limits of the Published Estimates
The release identifies the model and study period but does not provide, in the supplied material, the full assumptions, data inputs, uncertainty ranges or a comparison with a scenario in which Sticker Mule did not expand. Those details matter when interpreting how much activity can be attributed to the company and how indirect and induced effects were calculated. The full report is identified as available, but its detailed tables and methods are not reproduced in the announcement.
The 9,500 figure is expressed as year-long equivalent jobs; the release does not say that it represents 9,500 distinct people hired or currently employed. It also does not specify whether the estimates are adjusted for inflation or how the reported cumulative revenue figure relates to the impact calculations. The source describes the analysis as independent, while also stating that Sticker Mule commissioned and released it.
Full Report and Method Details
The next step for readers seeking to evaluate the estimates is to consult the full Epsilon Economics report for its modeling choices, source data and definitions. The company announcement does not identify a scheduled follow-up analysis, an outside review or a response from New York State officials.
Until further methodological detail or independent examination is available, the figures should be attributed to the study and described as estimates. The report may add useful information to local economic discussions, but the supplied material does not establish how the impact will change after 2025 or whether the company plans to publish updates.
Key Questions
Who produced the Sticker Mule economic impact study?
Epsilon Economics conducted the study. Sticker Mule released it, and the company says Ryan Smart, Joe Hale and Jeremy De Gracia authored the report using IMPLAN economic modeling.
What period does the $2.7 billion estimate cover?
The estimate covers 2016 through 2025 and refers to modeled economic activity in New York State associated with Sticker Mule’s operations.
Does the 9,500 jobs figure mean 9,500 current employees?
No. The report describes the number as year-long equivalent jobs, including 5,501 directly at Sticker Mule and more than 4,000 in other businesses. The release does not say these are 9,500 distinct people or current positions.
How much state tax revenue does the study estimate?
The report estimates $49.5 million in New York State tax revenue, including income, corporate and sales taxes. The categories itemized in the announcement do not add up to the full stated total, and the release does not explain the difference.
Are the reported economic effects independently verified?
The study is described as independent and was conducted by Epsilon Economics, but the supplied announcement does not mention a separate audit or external review. The figures are economic-model estimates; readers would need the full report to examine the assumptions and data in detail.
Source: primary
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