Feb. 25, 2020 By Kristen Torres
Queens College added nearly $2 billion to the greater New York City economy in 2018, according to a new report.
An economic impact study done on the value of Queens College—conducted by analytical firm Emsi—showed that the college and its alumni added more than $1.8 billion to the New York City metropolitan area in 2018.
The study also revealed a $5 return for every dollar spent by taxpayers.
Alumni impact—which includes the collective earnings of alumni, taxes paid on those earnings and jobs created by alumni—made up a significant portion of the income added back into the economy, at nearly $1.5 billion, according to the report.
The remaining sources of Queens College-related impact includes operational and capital spending—$279.1 million—and student and visitor spending—$24.9 million—among other expenditures.
“This study documents the tremendous annual economic benefit that Queens College has on New York City and the greater metropolitan area,” said CUNY Chancellor Felix Matos Rodriguez in a statement.
“Clearly, Queens College is an indispensable New York institution that makes powerful contributions to the overall economy of both the city and state,” he added.
Nearly 17,000 jobs are supported by the college and the start-up companies established by alumni, putting $35.8 million back in to the city’s economy.
The report also found that 85 percent of Queens College alumni stay in the metropolitan area after graduating, and earn an average of $34,500 more annually than a person with only a high school diploma.
Taxpayers contributed $127 million to the college’s funding during fiscal year 2018. In return, a lower need for government-funded services—due to the college’s 85 percent graduation rate—will save taxpayers nearly $109 million.
“The economic impact to businesses large and small comes at a very critical time for the Queens economy,” said Thomas Grech, President of the Queens Chamber of Commerce.
“With a total impact of $1.8 billion to the economy, it should not come as a surprise that Queens College is a critical component to not only Queens County, but also New York City overall.”