CCNY Economic Impact Reaches $3.7 Billion
CCNY economic impact reached $3.7 billion in fiscal year 2023-24, supporting 23,906 jobs across its service region.
By Academic Writing Club Newsroom
The City College of New York generated $3.7 billion in added income for its regional economy in fiscal year 2023-24, according to a new study by labor analytics firm Lightcast. The figure is $500 million above the result for fiscal year 2021-22 and $1.8 billion higher than the college’s first economic impact report, which covered fiscal year 2017-18. CCNY served 17,741 students during the period studied. The total impact was equivalent to supporting 23,906 jobs across the college’s 10-county service region.
Where The Impact Came From
Alumni accounted for $3.3 billion of the total economic impact. CCNY’s operations spending contributed $207.7 million, while construction spending added $9.8 million, research spending added $58.1 million, visitor spending added $85.6 million, and student spending added $66.4 million.
The college reported payroll of $281.3 million in fiscal year 2023-24 and spent $147.6 million on facilities, supplies, and professional services. Its service region includes Bronx, Kings, Nassau, New York, Putnam, Queens, Richmond, Rockland, Suffolk, and Westchester counties.
Lightcast said:
“While CCNY adds value to the CCNY Service Region beyond the economic impact outlined in this study, the value of CCNY’s impact in terms of dollars and cents is an important component of the college’s value as a whole.”
Returns For Students And Taxpayers
The analysis assessed CCNY as an investment for students, taxpayers, and society. It found that each dollar invested generated benefits of $7.90 for students, $1.60 for taxpayers, and $9.80 for society.
Lightcast said:
“These results indicate that CCNY is an attractive investment to students with rates of return that exceed alternative investment opportunities. At the same time, the presence of the college expands the state economy and creates a wide range of positive social benefits that accrue to taxpayers and society in general within New York.”
Workforce Role
CUNY Chancellor Félix V. Matos Rodríguez linked the findings to the college’s role in education, workforce development, and research.
Félix V. Matos Rodríguez, Chancellor at CUNY, said:
“This analysis underscores the extraordinary and growing role City College plays in New York’s economy. The college’s $3.7 billion annual economic impact demonstrates the breadth of CCNY’s contributions across the region. By creating opportunity for students, developing the skilled workforce New York needs and advancing research and innovation, City College continues to show the powerful value that CUNY and public higher education deliver for all New Yorkers.”
The full report is available from CCNY.
