- 1970-1995 graduates pay $646 million in State and City taxes each year.
- Employees pay another $71 million in State and City sales and income
- Total tax revenues directly attributable to CUNY: $717 million per
- $123 million is spent annually for supplies, equipment, and services.
- $337 million in construction and facilities renovation was put into
New York's economy this past year.
- $526 million is spent by CUNY employees for goods and services annually
in the State.
- More than 90 percent of staff live in New York.
Student and Alumni Expenditures
- CUNY's students spend about $810 million each year while in college,
in addition to tuition; 98 percent live in New York while attending college.
- 1970-1995 graduates spend $4.3 billion more in New York each year than
they would have spent had they not gone to college. Expenditures by all
CUNY alumni, including those who graduated before 1970, are far higher;
80 percent still live in New York at least 10 years after graduation.
- Total student and alumni outlays attributable to CUNY in 1995: $5.1
The City University of New York
|Economists, citing the multiplier effect, report that dollars spent
by CUNY have nearly twice their impact, the result of the re-spending that
occurs following the original expenditure.
Impact on Jobs
The U.S. Department of Commerce estimates that 24.9 jobs are created
for each extra million dollars pumped into the New York economy.
- The CUNY impact, therefore, leads to the creation of an extra 32l,210
jobs. Adding CUNY's own 25,450 employees (of whom about 22,000 live in
New York City and 4,000 elsewhere in New York State) means that approximately
346,660 New Yorkers are working and paying taxes because of The City University
of New York.
CUNY colleges attract private dollars.
Recent examples include:
- Miles and Shirley Fiterman: A $30 million 15-story building at 30 West
Broadway, largest private gift of a physical facility to a community college
in the nation, for Borough of Manhattan Community College.
- William and Anita Newman: $5 million unrestricted gift to Baruch College;
$1 million to establish Steven L. Newman Real Estate Institute at Baruch
- NYNEX: $3.5 million for Project Tell at CUNY Graduate School, a learning-through-computers
incentive program for New York City public school students.
- Robert Wood Johnson Foundation: $3 million to Hunter College to demonstrate
approaches for reducing substance abuse among jail inmates.
- Humana Foundation: $2 million to fund fellowships for minority students
pursuing doctorates at the CUNY Graduate School.
- Kellogg Foundation: $1.5 million for a Center for Philanthropy and
Volunteerism at the CUNY Graduate School.
- DeWitt Wallace Readers Digest Foundation: $1.02 million to LaGuardia
Community College and Hunter College for a Middle College High School Consortium.
Diamond Foundation: $1 million for the Pipeline Program at the CUNY
Graduate School to encourage minority students to pursue careers in college
Total economic impact of The City University of New York
on New York State: $12.9 billion.
A business volume of $12.9 billion is generated by CUNY-attributable
expenditures each year. This is more than 10 times the total annual
budget for the University, and 18 times the portion provided by State and