—Effects of education represent significant returns on student and taxpayer investments—
QUEENS, NY, February 25, 2020—An economic impact study on the value of Queens College showed that the college adds more than $1.8 billion to the New York City metropolitan area and provides a return of $4.90 for every dollar spent by taxpayers.
A significant portion of the income added—$1.5 billion—is the result of alumni impact. Alumni impact represents the collective earnings of alumni, taxes paid on those earnings, jobs created by alumni, taxes paid by their businesses, and spending by alumni. The remaining sources of QC-related economic impact include operations spending, $276.1 million; start-up and spin-off company impact, $35.8 million; student spending, $23.1 million; research spending impact, $11 million; capital spending impact, $3 million; and visitor spending impact, $1.8 million. Those sources improved the local economy by providing additional income and job opportunities to area residents.
Because QC is committed to promoting supplier diversity, New York State-certified minority- and women-owned business enterprises were a significant part of the vendor pool. In 2018, MWBE participation was 36%, or $1.1 million in actual spending. Please click here for report highlights.
“This study documents the tremendous annual economic benefit that Queens College, one of CUNY’s 25 colleges, has on New York City and the greater metropolitan area,” said CUNY Chancellor Félix V. Matos Rodríguez. “Queens College faculty and staff win millions of dollars of research and philanthropic grants. The college’s alumni are collectively responsible for $1.5 billion in impact. Clearly, Queens College—like City College, which recently released a similar report, and like CUNY—is an indispensable New York institution that makes powerful contributions to the overall economy of both the city and state.”
QC’s economic impact was also expressed in terms of return on investment. The $4.90 return for each dollar spent by taxpayers who support the institution represents an annual rate of return of 13.3%. For students, QC offers a return on investment of $5.50 for each dollar spent—an annual rate of return of 17.9%.
“This report provides indisputable evidence that Queens College is not only of life-changing importance to the students who enroll here as part of their pursuit of the American dream, it is a powerful economic engine that generates and drives commerce in support of the entire New York metropolitan area,” said Queens College Interim President William Tramontano.
The report revealed that nearly 85% of QC students stay in the metropolitan area after graduating. They earn an average of $34,500 more annually and $1.5 million more in a working lifetime over a person with only a high school diploma.
QC graduates are more likely to be employed, less likely to commit crimes, and generally lead healthier lives than less educated people, resulting in an estimated savings of $236.6 million in benefits to communities and citizens of New York over the course of the students’ working lives.
"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,” said President and CEO of the Queens Chamber of Commerce Thomas J. Grech. “The economic impact to businesses large and small comes at a very critical time for the Queens economy, as transportation, health care and tourism establish themselves as key drivers to business. We enjoy our ongoing partnership at all levels, including the fostering of internships and mentorships of Queens College students by the Chamber and our Members."
The study was conducted by Emsi, a labor analytics firm, which defined the New York City metropolitan area as comprising the following counties: Bronx, Kings, Nassau, New York, Putnam, Queens, Richmond, Rockland, Suffolk, and Westchester. The study was based on data from fiscal 2017–18. More details and the full report are available here.
About Queens College
Queens College produces more education graduates who become principals, teachers, and counselors for the city’s public schools than any other college in the metropolitan area. The college contributes to the local talent pool as a powerful economic engine and a leader in tech education. Students from across the country and around the world are attracted to study at the Aaron Copland School of Music. Its renowned faculty and alumni include nationally recognized composers, conductors, and performers who have received over 100 Grammy Awards and nominations.
Queens College enjoys a national reputation for its liberal arts and sciences and pre-professional programs. With its graduate and undergraduate degrees, honors programs, and research and internship opportunities, the college helps its nearly 20,000 students realize their potential in countless ways, assisted by an accessible, award-winning faculty. Located on a beautiful, 80-acre campus in Flushing, the college has been cited for 28 consecutive years as a Princeton Review “Best College,” as well as being ranked a U.S. News and World Report “Best College” and Forbes Magazine “Best Value College,” thanks to its outstanding academics, generous financial aid packages, and relatively low costs. Visit our homepage to learn more.