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- The University's direct impact on New York's economy and tax base is $7.2 billion. The U.S. Department of Commerce uses a standard "multiplier" of 1.9 to calculate the impact of education expenditures. This yields a total impact of $13.7 billion annually, more than ten times the size of the CUNY budget.
- The Department of Commerce estimated that 25 jobs are created for each additional million dollars pumped into the New York economy. CUNY's impact leads to the creation of 323,000 New York jobs. Including 26,210 CUNY employees who live in New York, 326,000 citizens are working and paying taxes as a result of the University's presence.
- CUNY graduates and employees generate $778 million in State and City tax revenues yearly, returning the $716 million in State and City aid the University received in 1996-97.
- Approximately 460,000 CUNY graduates from 1970 through 1997 reside and pay taxes in New York, along with hundreds of thousands of pre-1970 graduates, 200,000 current students, and 155,000 adult and continuing education students.
- Ten years after graduation, 80% of CUNY alumni continue to reside and work in New York.
- More than 90% of CUNY employees live in New York.
- The average Bachelor's degree recipient earns nearly $700,000 more than a high school graduate during a 40-year career.
- Each year, New York City and State derive more than $700 million more in taxes from the University's 1970-1997 graduates than if these taxpaying alumni had not earned their CUNY degrees.
- In fiscal year 1997, CUNY's Research Foundation coordinated the receipt of more than $95 million in federal and private grants, contracts, and awards.
- This year the largest cash gift ever received by a CUNY college, $18 million, was pledged by Baruch College alumnus Lawrence Zicklin and his wife Carol. The Baruch School of Business will be named in his honor.
- CUNY is a leader in serving students traditionally at-risk and under-represented in higher education -- students for whom an earned degree will mean a significant rise in standard of living. Well over half of CUNY's students come from households with total income of less than $25,000, while the mean annual earnings of the holder of a Bachelor's degree, nationwide, is $37,224 (U.S. Census Bureau).
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"The City University of New York, since 1980, has led all other colleges and universities in bestowing undergraduate degrees on alumni who are now top executives."
- Standard & Poor's 1996 Executive/College Survey
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- The University has traditionally provided access for students whose economic circumstances make attending college a struggle, thus assuring they find paths into the economic mainstream. According to a 1995 Student Experience survey, 70% of full-time degree students receive financial aid; 29% support children; 12% are single parents with dependent children; 47% experienced financial difficulties in the preceding year.
The CUNY Economic Advantage
Tax Revenues
- 1970-97 CUNY graduates pay $708 million in State and City income taxes annually.
- Employees pay over $70 million in State and City sales taxes.
- Total tax revenues directly attributable to CUNY are more than $778 million per year.
University Expenditures
- $122 million is spent annually for supplies, equipment, and services.
- Approximately a third of a billion dollars for construction and facilities renovation was infused into New York's economy this past year.
- More than a half-billion dollars in disposable income is spent annually by CUNY employees for goods and services in the State.
Student and Alumni Expenditures
- In addition to tuition, CUNY's students spend more than $800 million each year while in college ($81 million on books alone); 98 percent live in the City while attending college.
- 1970-1997 graduates spend $4.6 billion more in New York each year than they would have spent had they not earned a CUNY degree. Expenditures by all CUNY alumni, including those who graduated prior to 1970, are far higher.
- Total student and alumni outlay attributable to The City University in 1997 was $5.4 billion.
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