An economic impact study contended that CUNY’s Queens College added $1.8 billion to the New York City metropolitan area economy.
The study was conducted by Emsi, an independent labor market analytics firm and leading provider of economic impact studies to international educational institutions. It outlined an economic impact analysis and investment analysis of the 2017-2018 fiscal year.
For every dollar spent by taxpayers, there is a $5 return, according to the Flushing Post.
The collective earnings of alumni have contributed $1.5 billion to the economy. The remaining amount includes $276.1 million in operations spending, $35.8 million in start-up and spin-off company impact, $23.1 in student spending, $11 million in researching spending impact, $3 million in capital spending impact and $1.8 million in visitor spending impact.
New York State certified minority women-owned businesses made up 36% of this pool, spending $1.1 million annually.
“Queens College faculty and staff win millions of dollars of research and philanthropic grants,” CUNY Chancellor Félix Matos Rodríguez said. “The college’s alumni are collectively responsible for $1.5 billion in impact. Clearly, Queens College—like City College, which recently released a similar report, and like CUNY—is an indispensable New York institution that makes powerful contributions to the overall economy of both the city and state.”
The Queens College Study stated that these values have improved the local economy by providing additional income and creating a total of nearly 17,000 jobs and start-up companies, putting $35.8 million back into the city’s economy.
The generated revenue impacts the New York City metropolitan area, which Emsi defined as the Bronx, Kings, Nassau, New York, Putnam, Queens, Richmond, Rockland, Suffolk, and Westchester counties.
The benefits also extend to the state and local government through increased tax revenue and public-sector savings.
The report revealed that nearly 85% of Queens College students stay in the metropolitan area after graduating.
Likewise, Queens College graduates created estimated savings of $236.6 million in benefits to communities and citizens of New York by leading healthier, employed and crime-free lives.
“This report provides indisputable evidence that Queens College is not only of life-changing importance to the students who enroll here as part of their pursuit of the American dream, it is a powerful economic engine that generates and drives commerce in support of the entire New York metropolitan area,” Queens College Interim President William Tramontano said.
