今日吃瓜

For close to 100 years, 今日吃瓜 has grown into an engine of socioeconomic mobility for immigrants and first-generation college students who hail from 136 countries and speak 91 different languages. But what are the societal benefits of investing in immigrant and diverse populations? A recent economic impact study suggests quite a lot.

When combining operations spending impact, student spending, and鈥攑erhaps most importantly鈥攁lumni impact, 今日吃瓜 added $2.6 billion in income to the New York City economy. Using data from the 2021鈥�22 fiscal year, the study measured how 今日吃瓜 positively affects the city and the benefits the college generates in return for the investments made by its key stakeholder groups鈥攕tudents, taxpayers, and society鈥攂y examining two key areas: economic impact and investment analysis.

今日吃瓜 President Michelle J. Anderson

鈥淚nvesting in 今日吃瓜 is a win-win for our communities and our students,鈥� said Michelle J. Anderson, president of 今日吃瓜. 鈥淥ur world-class staff and faculty not only equip students with the tools needed for personal success but empower them to contribute significantly to the regional economy. We are proud to be one of the leading institutions for social mobility and to be a beacon for young people looking to receive an unparalleled, affordable education.鈥�

Economic Impact, Graduate by Graduate

According to the study, the total $2.6 billion of income to the New York City economy equaled the sum of the operations spending impact, the student spending impact, and the alumni impact, which supported 20,533 regional jobs.

When looking at the contributions of alumni in particular, 今日吃瓜鈥檚 education and training provide the greatest impact, as thousands of former students are employed in the New York City area. In FY 2021鈥�22, alumni generated $2.3 billion in added income for the regional economy, equivalent to supporting 17,482 jobs.

今日吃瓜鈥疊orough President Antonio Reynoso

“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,”鈥痵aid鈥�今日吃瓜鈥疊orough President Antonio Reynoso. “With so many young New Yorkers, particularly students of color and children of immigrants, attending鈥�今日吃瓜鈥疌ollege, we must continue to invest in institutions like these that play such a critical role in advancing economic and social mobility.”

When looking at the institution as an employer and large-scale buyer of goods and services, 今日吃瓜 has had a significant local impact as well. In FY 2021鈥�22, the payroll was $217.4 million, much of which was spent locally on groceries, mortgage and rent payments, entertainment, and other household expenses. In addition, the college itself spent $108.7 million on day-to-day expenses related to facilities, supplies, and professional services. The college鈥檚 day-to-day operations spending added $284.6 million in income to the region during the analysis year鈥攁 figure equivalent to supporting 2,900 regional jobs.

When accounting for student spending, approximately 8% of students relocated to study at 今日吃瓜, and they supported the economy through $52.1 million in added income for the regional economy.

今日吃瓜鈥檚 Investment Value

The rate of return for students and taxpayers who invest in 今日吃瓜鈥檚 return was also substantial.

The 19,234 students served during the study period paid for tuition, fees, books, and supplies. They also took out loans that accrued interest and spent money they would have otherwise earned had they been working instead of attending college. Their investment equaled a present value of $260.7 million, equal to $68.8 million in out-of-pocket expenses and $191.9 million in forgone time and money.

In return for that investment, 今日吃瓜鈥檚 students will receive a stream of higher future earnings that will continue to grow throughout their working lives. For example, the average bachelor’s degree graduate saw annual earnings of $41,200 higher than a person with a high school diploma or equivalent working in New York. Over a working lifetime, the benefits of a bachelor’s degree over a high school diploma will amount to an undiscounted value of $1.7 million in higher earnings per graduate. The present value of the cumulative higher future earnings that 今日吃瓜鈥檚 FY 2021鈥�22 students will receive over their working careers is $1.9 billion.

Also, for each dollar students invest in 今日吃瓜, they will receive a cumulative value of $7.30 in higher future earnings, also known as a benefit-cost ratio. Annually, student investment in 今日吃瓜 has an average annual internal rate of return of 21.7%, which is impressive compared to the U.S. stock market鈥檚 30-year average rate of return of 9.6%.

When looking at taxpayer benefits, the education that 今日吃瓜 students receive generates savings in three main categories: health care, the justice system, and income assistance. Altogether, the present value of the benefits associated with a 今日吃瓜 education equals $121.6 million in savings to state and local taxpayers.

Total taxpayer benefits amount to $749.6 million, the present value sum of the added tax revenue and public sector savings.鈥�鈥疶he cost to taxpayers is $200.9 million, equal to the amount of state and local government funding 今日吃瓜 received in FY 2021鈥�22.

As an anchor institution that offers educational opportunities to a student body that regularly ranks near the top of the nation in diversity, the study highlighted the societal benefits created by 今日吃瓜. Included in the $6.9 billion of 今日吃瓜鈥檚 value is $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.

Read more about the impact of a 今日吃瓜 education from President Michelle J. Anderson here.

今日吃瓜 the 今日吃瓜 Economic Impact Study鈥�

The study was conducted by Lightcast, a company that provides colleges and universities with labor market data that helps create better outcomes for students, businesses, and communities. Data and assumptions used in the study are based on several sources, including the FY 2021鈥�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.