Rockefeller Institute of Government Announces SUNY’s Economic Impact Reaches $31 Billion Stemming from Its Role as Employer and Research and Commercialization Hub – SUNY Returns $8.67 for Every $1 of New York State Investment – Campuses Graduate More Than a Third of the State’s College-Educated Workforce!

Dear Commons Community,

The Rockefeller Institute of Government on Wednesday announced its study on the State University of New York’s economic impact, which reached $31 billion in 2020, up eight percent from 2016. SUNY has a measurable impact in 91% of all industry sectors across the state.

According to the report, “The Economic Impact of the State University of New York,” based on the 2020-2021 academic year, SUNY’s impact derives from its role as one of the state’s largest employers, as well as its preeminent role as a hub for research and commercialization. SUNY supports 157,600 jobs, 1.6% of the state’s workforce. If SUNY were a private company, it would rank among the 10 largest employers in all of New York.

The study updates the Rockefeller Institute’s estimates on SUNY’s economic activity and its return on the state’s investment. For every $1 invested, SUNY generates $8.67 for the state.

Further, SUNY plays a critical role in developing talent across New York. Thirty-four percent of the workers in the state with a postsecondary degree earned a credential from SUNY, and alumni of SUNY who work in New York State earned an estimated $127.3 billion in 2020, 17% of all payroll earned by New York employees that year.

“As shown in prior reports from our research team, the SUNY system is a key driver of New York’s economic engine,” said Rockefeller Institute President Bob Megna. “This new economic-impact analysis quantifies the breadth and depth of SUNY’s contributions across virtually all industries, in research, and as one of the state’s largest employers, and makes clear the value of investments in the state’s public higher education system.”

Other key findings from the report include:

  • Research and development activities system-wide reached more than $1.4 billion in 2020, an increase of more than 22% from just five years prior.
  • SUNY employees and students generate $2.4 billion of demand in the real estate industry across the state, supporting almost 12,600 jobs.
  • SUNY employees and students spend $736 million in restaurants, supporting an additional 7,117 jobs.
  • The SUNY community generates demand at and supports employment in retail stores, doctor’s offices, wholesale traders, and hundreds of other industries across New York.
  • SUNY campuses reported a record $1.42 billion in research expenditures, or 19.7% of New York’s total academic R&D across all institutions, tripling its activity level of 20 years.
  • 35% of all college students enrolled in New York were attending SUNY institutions.
  • One year after graduation, 80% of SUNY grads stay in New York.

The Rockefeller Institute of Government study breaks down SUNY’s economic impact for each of the state’s regions.

Congratulations SUNY for proving the economic benefits of public higher education.

Tony

Attribution-NonCommercial-ShareAlike 4.0 International

This entry is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International license.

Comments are closed.