Downstate Independent Colleges and Universities Collectively Create Impact of $40.4 billion

News Date: 4/14/2017

Contact: Jennifer Miller (jennifer@cicu.org; 518-436-4781) or Terri Standish-Kuon (terri@cicu.org)

In Downstate New York—the regions of New York City and Long Island—independent (private, not-for-profit) colleges and universities directly employ nearly 102,000 with a payroll that exceeds $7.1 billion with an impact of $40.4 billion, according to a new economic analysis by the Center for Governmental Research (CGR) released by the Commission on Independent Colleges and Universities (CICU). 
 
In New York City, more than 215,000 students enroll each year at independent, not-for-profit colleges and universities and these campuses directly employ 91,000 individuals and contribute $37.6 billion to the economy. 
 
Additionally, New York City campuses have $1.9 billion in student and visitor spending, as well as $7 billion in academic medical center impact. Columbia University, Cornell University, New York University and Yeshiva University top the lists of both National Institutes of Health grant recipients and U.S. medical schools. For every $1 million in research spending, 3.5 technology spin-offs are created. In NYC, this translates into 7,300 jobs. 
 
On Long Island, more than 50,000 students enroll each year at independent, not-for-profit colleges and universities, with more than 80 percent coming from New York State. These campuses directly employ 10,900 individuals and contribute $2.8 billion to the economy. Additionally, Long Island campuses have $434.4 million in student and visitor spending.
 
Statewide, with total payroll exceeding $23.1 billion for 373,800 direct, indirect and induced jobs, New York’s independent colleges and universities are major source of jobs in all regions. In total, the 100-plus independent colleges and universities in New York State contributed $63.2 billion to the state’s economy in 2011. This is an increase of $8.9 billion (16.4%) since 2009, and an uptick of $15.7 billion (33.1%) from 2007.
 
In 2011, direct institutional spending exceeded $50 billion and academic medical center spending totaled more than $8.9 billion. New York’s independent, not-for-profit colleges and universities generated student and visitor spending of $4.3 billion.
 
The Independent Sector has a substantial impact on the fiscal strength of the New York State. Across the State, employees of Independent Sector colleges and universities, and others employed indirectly by these institutions, contributed an estimated $1.6 billion in state personal income tax revenue and state and local sales tax revenue.  This amount marks an increase of 33% over 2009’s total of $1.2 billion, and an increase of 74% over 2005’s total, which was $918 million.  In New York’s upstate regions, the fiscal impact equaled $626 million; downstate, the total was $947 million.
 
“In a labor market struggling to recover from the Great Recession, both young people and established workers know that they must invest more in their personal ‘capital’—the education and training they bring to the marketplace,” said CGR’s chief researcher officer Kent Gardner, who led the study. “New York’s independent colleges and universities have expanded to fill that need. This is good for the economy directly—as it provides employment for skilled professionals—and indirectly, as this enhances the capacity of New York’s workforce to confront the challenges of the 21st century. 
 
“Higher education remains one of New York State’s most significant economic sectors," said CICU president Laura L. Anglin. “The Independent Sector of higher education is a vibrant contributor to the economy and community. Private, not-for-profit higher education is the source a large number of jobs. Our colleges and universities are significant customers for local vendors, especially when it comes to construction. They are anchor tenants, talent magnets, workforce and innovation catalysts and community partners.”
Nearly 1.3 million students enroll annually at colleges and universities in New York State; 38% attend private, not-for-profit institutions. The Independent Sector’s total enrollment was 488,180 for fall 2010. In 2010-11, private, not-for-profit campuses granted 136,559 undergraduate and graduate degrees. 
 
The Independent Sector of higher education produced 52 percent of the bachelor’s degrees earned in New York State in 2010-11; 71 percent of the master’s degrees; and 79 percent of the doctorate and professional degrees, according to data from the National Center for Education Statistics, Integrated Postsecondary Education Data System (IPEDS). 
 
The announcement came today during a meeting of the Council of Governing Boards in New York City. The Council Governing Boards (CGB) is a statewide association that represents the policy interests of more than 3,000 independent college and university trustees.

To see the reports for New York City and Long Island, as well as the other eight regions, please visit:http://www.cicu.org/publicationReports/
 
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About the Commission on Independent Colleges and Universities (CICU): CICU is a statewide association representing the public policy interests of the chief executives of more than 100 independent colleges and universities in New York State. Founded in 1956 by a small group of private, not-for-profit college and university presidents, the Commission on Independent Colleges and Universities (CICU) now represents 100+ independent campuses across New York State. CICU is an educational corporation formed under the New York State Regents. Its mission is to develop consensus among a diverse membership and to advance higher education public policy. www.cicu.org