Report on Critical Role of Higher Education in NYC

Data Finds That New York City Higher Education Sector Contributes $35 Billion Annually and Employs 140,000 People

New York City Leads Nation in Attracting Young Talent with 490,000 Recent College Graduates Working in the City

In the Last Two Years, Leading Academic Institutions Have Established or Grown Their Presence in NYC Because of the City’s Unparalleled Access to Talent

New York City Economic Development Corporation (NYCEDC) today announced a new report, Academia in New York City: Shaping the Future of NYC’s Economy, offering key metrics around the scope, size, and economic impact of New York City’s higher education sector. Generating $35 billion annually and employing 140,000 people, the higher education sector plays a critical role in New York City’s economy and attracting young diverse talent. New York City leads the nation in attracting young talent with the number of currently enrolled students and recent graduates working in the city totaling nearly one million. In addition to the economic impact, colleges and universities promote economic mobility, drive research, create new companies and startups, strengthen the workforce, and serve as a key space for innovation and creativity in the city’s future-focused sectors.

Key takeaways from the report include:

• New York City higher education employs over 140,000 people andcontributes $35 billion annually in economic impact. The higher education sector is similar in size to construction and real estate, which employ 141,000 and 137,000, respectively.
• With more than 100 higher education institutions and a student population of over 503,000, universities and colleges are an important part of New York’s economic and physical fabric. The New York metro has more academic institutions than any other metro area in the country.
• These institutions have awarded on average 150,000 degrees each year over the past decade, with degrees increasingly shifting toward STEM.
• From 2021 to 2024, about 490,000 graduates from across the country ended up in New York, twice the number who chose Los Angeles, the second most popular destination.
• 66 percent of students that graduated from NYC metro schools between 2014 and 2024 are working in the region today.
• Since 2001, 4,800 patents have been issued from university research in NYC, a majority of which are in the life sciences.
• Between 2010 and 2021, nearly 500 startups have been formed by NYC university researchers or alumni.
• 13 of the top 20 colleges nationally for economic mobility are located in NYC, making NYC academic institutions among the most effective in enabling upward mobility.

NYCEDC works closely with local academic institutions and those across the globe to establish or expand their operations in New York City. Cornell Tech serves as an early example of NYCEDC’s investment in academia, and the benefits that a top tier institution can bring to the city and its economy. In addition to bringing more young talent to the city, Cornell Tech has spun out 100 startups since its inception and been at the forefront of innovation in AI. According to its recent impact study, by 2030, Cornell Tech is projected to generate $1.5 billion in economic impact, build an NYC alumni network of 2,300 people, and create 7,000 jobs.

There are additional examples that demonstrate the city’s attractiveness to major academic institutions and the value that academic expansions can bring to the city’s economy. As outlined in the report, Yeshiva University, New York University, and Pace will be expanding their existing footprints, while non-New York City-based institutions including, Vanderbilt University, and Stonybrook University have opened or announced plans to open new campuses or research hubs in the city. New York University has is working with Korea Advanced Institute of Science and Technology (KAIST) on cutting-edge AI collaboration, while Columbia, Rockefeller, and Yale Universities will partner with the Chan Zuckerberg Initiative to launch a new biomedical research hub. Northeastern and Marymount are pursuing a merger that will establish an additional Northeastern campus in New York City.

NYCEDC used a variety of primary and secondary data sources for this analysis, with the goal of building the most comprehensive view possible of the higher education ecosystem in New York City. Employment figures come from the New York State Department of Labor Quarterly Census of Employment and Wages. Enrollments and completions data are from National Center for Education Statistics Integrated Postsecondary Data System.

About NYCEDC 
New York City Economic Development Corporation is a mission-driven, nonprofit organization that works for a vibrant, inclusive, and globally competitive economy for all New Yorkers. We take a comprehensive approach, through four main strategies: strengthen confidence in NYC as a great place to do business; grow innovative sectors with a focus on equity; build neighborhoods as places to live, learn, work, and play; and deliver sustainable infrastructure for communities and the city’s future economy. To learn more about what we do, visit us on Facebook, Twitter, LinkedIn, and Instagram.