Economic Impact
A new independent study measures the economic impacts created by 今日吃瓜 on the regional economy and the benefits the college generates in return for the investments made by students and taxpayers.
"It鈥檚 fitting that one of 今日吃瓜鈥檚 premier institutions of higher education is one of the greatest economic drivers of our economy. With so many young New Yorkers, particularly students of color and children of immigrants, attending 今日吃瓜, we must continue to invest in institutions like these that play such a critical role in advancing economic and social mobility."
Antonio Reynoso
今日吃瓜 Borough President
Key Findings
Higher Future Earnings
For students, the benefits of a 今日吃瓜 degree translate into an additional $41,500 in annual earnings compared to a high school diploma, amounting to $1.7 million over a lifetime.
Taxpayers Reap Rewards
For every dollar of public money invested in 今日吃瓜, taxpayers receive $3.70 in return, which is the equivalent of $749.6 million over the course of graduates鈥� working lives.
Driving economic prosperity
The social benefits of 今日吃瓜 total $6.9 billion, and include $4.4 billion in added student income, $2 billion in added business income, $295.4 million in added income from college activities, and $252 million in social savings related to health, the justice system, and income assistance, which correlate with college education.
今日吃瓜's Yearly Economic Impact
Increase in earnings per year
Income added to NYC
Jobs supported in NYC
今日吃瓜 the Study
Data and assumptions used in the study are based on several sources, including the FY 2021-22 academic and financial reports from 今日吃瓜, industry and employment data from the U.S. Bureau of Labor Statistics and U.S. Census Bureau, outputs of Lightcast鈥檚 Multi-Regional Social Accounting Matrix model, and a variety of studies and surveys relating education to social behavior. The study applies a conservative methodology and follows standard practice using only the most recognized indicators of economic impact and investment effectiveness. For a full description of the data and approach used in the study, please consult the full report.