New York State Economic Impact
Higher education remains one of New York State's most significant economic sectors
$63.2 billion: The Independent Sector¹s total economic impact (institutional spending, annual construction, indirect/induced spending)
$50 billion: Institutional impact
$4.3 billion: Estimated student and visitor impact
$8.9 billion: Academic medical center impact (patient revenue, estimated benefit of medical residents and fellows, and indirect/induced impact)
373,800: Employees (180,600 direct positions, more than 193,200 indirect/induced jobs); estimated tech spinoffs add another 10,000 jobs
$23.1 billion: Total payroll (institutional, estimated direct construction, indirect/induced payroll)
136,559: Total degrees (undergraduate and graduate)
488,180: Total enrollment (residents, out-of-state and international)
Sources: Center for Governmental Research (CGR), economic impact report, 2011; New York State Education Department, Office of Research and Information Systems (ORIS); National Center for Education Statistics, Integrated Postsecondary Education Data System (IPEDS).
Notes: Enrollment is for fall 2010; degrees granted are for the 2010-11 academic year. Data include direct and induced/indirect totals. Indirect effects are the impact of institutions buying goods and services from other local industries. Induced effects are the response by an economy to institutional direct effects that occurs through re-spending of income received by a component of value added (i.e. labor income recirculated through household spending patterns causing further local economic activity).