New York State Economic Impact - 2015
Higher education remains one of New York State's most significant economic sectors
$79.6 billion: The Independent Sector¹s total economic impact (institutional, student and visitor, and academic medical center)
$60 billion: Institutional impact
$4.6 billion: Student and visitor impact
$15 billion: Academic medical center impact (patient revenue, estimated benefit of medical residents and fellows, and indirect/induced impact)
406,300: Employees (196,300 direct positions, more than 210,000 indirect/induced jobs); estimated tech spinoffs add another 12,600 jobs
$28.1 billion: Total payroll (institutional, estimated direct construction, indirect/induced payroll)
137,700: Total degrees (undergraduate and graduate)
491,600: Total enrollment (residents, out-of-state and international)
$2 billion: Taxes Paid by Private College Employees
Regional Brochure Sources and Notes, 2015 Economic Impact Study
Sources: Center for Governmental Research (CGR) 2015 economic impact report, prepared for the Commission on Independent Colleges and Universities (cIcu); National Center for Education Statistics, Integrated Postsecondary Education Data System (IPEDS); New York State Education Department (NYSED).
Notes: Enrollment data is from NYSED’s fall 2015 degree-credit enrollment survey; resident/non-resident enrollment percentages taken from NYSED’s fall 2014 resident data (latest available at time of study); resident percentages may not sum to 100% when student origins are unavailable. Degree data is from IPEDS 2014-15 completion totals. Economic impact data includes direct and indirect/induced totals calculated by CGR. Indirect effects are spillover benefits that other businesses receive as a result of an institution’s spending in the economy. Induced impacts result from the spending of individuals employed by Independent Sector institutions. Ancillary services include expenditures for activities primarily intended to furnish services to students. Taxes paid by private college employees include estimates of personal, and state and local sales taxes. Student and visitor spending is estimated by CGR and excludes student housing. Academic medical center impacts are estimated by CGR through analysis of patient revenue and other indirect/induced effects. Totals may not sum due to rounding.