Universities play a crucial role in shaping local economies by driving employment, fostering business growth, attracting investment, and enhancing the overall quality of life in their host communities. Their economic impact extends beyond direct spending to include long-term benefits such as workforce development, innovation, and cultural enrichment. Below, we explore the key ways in which a university influences a local economy.
- Direct Employment and Spending
A university is often one of the largest employers in a local area, providing jobs for faculty, administrative staff, maintenance workers, and other professionals. These employees spend their salaries on housing, groceries, transportation, and entertainment, injecting money into the local economy. Additionally, universities spend significant amounts on construction, utilities, and local services, further stimulating business activity.
Students also contribute to local spending. Many bring outside money into the community through tuition payments, federal aid, and personal expenditures on rent, food, and retail. A large student population can sustain businesses such as bookstores, coffee shops, restaurants, and housing providers.
- Business Development and Entrepreneurship
Universities often serve as hubs for innovation and entrepreneurship. Research institutions, business incubators, and technology transfer offices help commercialize academic research, leading to startup formation and industry partnerships. For example, Stanford University's role in Silicon Valley's growth demonstrates how academic institutions can spur regional economic development.
Local businesses benefit from university partnerships, including procurement contracts for supplies, catering, and maintenance services. Furthermore, universities attract conferences, sporting events, and cultural activities that generate tourism revenue for hotels, restaurants, and transportation services.
- Human Capital and Workforce Development
A well-educated workforce is essential for economic competitiveness. Universities produce graduates with specialized skills that attract high-paying industries, such as technology, healthcare, and finance. Many graduates remain in the area, filling critical roles in local businesses and government.
Universities also offer continuing education programs, professional certifications, and workforce training initiatives that help upskill local employees, making the regional labor market more adaptable to industry changes.
- Real Estate and Infrastructure Growth
The presence of a university can drive demand for housing, both from students and faculty. This often leads to the development of new apartments, condominiums, and mixed-use commercial spaces. Over time, universities contribute to urban revitalization by investing in campus expansions, public transit improvements, and community amenities like libraries and parks.
However, rapid growth can also lead to challenges, such as rising housing costs and gentrification, which may displace long-term residents. Local governments must balance economic expansion with policies that ensure affordable housing and equitable development.
- Cultural and Social Contributions
Beyond economics, universities enrich local culture through arts programs, public lectures, and athletic events. These activities improve residents' quality of life, making the area more attractive to businesses and skilled workers. A vibrant university town often sees increased property values and a more diverse, engaged community.
Conclusion
The economic impact of a university on a local economy is multifaceted, encompassing job creation, business growth, talent development, and infrastructure investment. While challenges such as affordability and displacement must be managed, the long-term benefits-including innovation, increased tax revenues, and a more dynamic workforce-make universities vital engines of regional prosperity. By fostering collaboration between academia, government, and industry, communities can maximize these advantages while ensuring inclusive growth.
|
Be'er Yaakov Talmudic Seminary |
The College of Westchester |
|
Yeshivath Viznitz |
|
Dominican University New York |
|
New York Medical College |
|
Sarah Lawrence College |
|
University of Connecticut-Stamford |
|
Manhattanville College |
|
Vassar College |
|
Uta Mesivta of Kiryas Joel |
|
Bard College |
|
Culinary Institute of America |
|
Western Connecticut State University |
|
United States Military Academy |
|
Orange County Community College |
|
Rockland Community College |
|
Dutchess Community College |
|
Marist College |
|
Mercy University |
|
SUNY Westchester Community College |
|
Percent admitted - total Admissions yield - total
Full-time enrollment Part-time enrollment
Total enrollment % White % Black % Asian % Hispanic % Native Hawaiian or Other Pacific Islander % American Indian or Alaska Native % two or more races % Race/ethnicity unknown % U.S. Nonresident
Undergraduate enrollment % under 18 % 18-24 % 25-64 % over 65
Graduate enrollment
Student-to-faculty ratio
Tuition and fees, 2020-21 2021-22 2022-23 2023-24
Total price for In-district students living on campus 2023-24 In-state students living on campus 2023-24 Out-of-state students living on campus 2023-24
In-district students living off campus (no family) 2023-24 In-state students living off campus (no family) 2023-24 Out-of-state students living off campus (no family) 2023-24
In-district students living off campus (w/ family) 2023-24 In-state students living off campus (w/ family) 2023-24 Out-of-state students living off campus (w/ family) 2023-24
Associate's degree Bachelor's degree Master's degree Doctor's degree - research/scholarship Doctor's degree - professional practice Doctor's degree - other
Instructional FTE Research FTE Public Service FTE Librarians, Curators, and Archivists FTE Student/Academic Affairs and Other Education Services FTE Management FTE Business and Financial Operations FTE Computer, Engineering, and Science FTE Community Service, Legal, Arts, and Media FTE Healthcare FTE Service FTE Sales and Related FTE Office and Administrative Support FTE Natural Resources, Construction, and Maintenance FTE Production, Transportation, and Material Moving FTE Total FTE staff
|
NA
NA
4,444
4,587
9,031
25
16
4
46
0
0
2
4
2
9,031
10
63
26
0
0
19
5,036
5,326
5,410
5,696
NA
NA
NA
21,996
21,996
28,786
12,296
12,296
19,086
1,166
NA
NA
NA
NA
NA
346
0
0
15
72
67
18
68
39
3
10
0
107
12
0
757 |
85
16
5,896
2,878
8,774
21
23
6
43
0
0
2
2
3
6,482
16
60
24
0
2,292
15
20,378
20,734
21,358
22,106
42,438
42,438
42,438
37,378
37,378
37,378
27,738
27,738
27,738
50
1,295
741
0
33
0
449
0
0
3
11
185
75
23
15
2
3
0
132
0
0
898 |
65
19
5,398
1,054
6,452
65
4
4
12
0
0
3
8
4
5,545
10
88
2
0
907
16
42,390
43,410
44,660
46,140
68,410
68,410
68,410
70,675
70,675
70,675
51,265
51,265
51,265
0
1,267
437
0
33
0
348
0
0
9
21
127
29
52
126
12
124
0
111
20
0
979 |
NA
NA
2,576
3,811
6,387
49
12
3
25
0
0
4
7
1
6,387
39
47
14
0
0
20
4,896
4,976
5,174
5,346
25,455
25,455
30,255
25,455
25,455
30,255
10,195
10,195
14,995
719
NA
NA
NA
NA
NA
194
0
0
6
60
16
50
15
16
2
47
0
41
7
5
459 |
NA
NA
2,724
3,039
5,763
27
18
5
36
0
0
3
7
3
5,763
30
51
19
0
0
20
5,618
5,720
6,120
6,398
NA
NA
NA
25,388
25,388
30,910
16,328
16,328
21,850
713
NA
NA
NA
NA
NA
193
0
0
6
77
65
6
2
20
0
55
2
82
12
0
520 |
NA
NA
2,183
3,189
5,372
38
14
3
23
0
0
2
20
0
5,372
31
51
18
0
0
18
6,094
6,094
6,262
6,382
NA
NA
NA
24,328
24,328
29,992
10,964
10,964
16,628
638
NA
NA
NA
NA
NA
183
0
0
8
81
37
39
23
46
2
51
0
79
12
0
561 |
14
76
4,508
0
4,508
62
10
11
11
1
1
1
1
1
4,508
0
99
1
0
0
7
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
0
963
0
0
0
0
242
0
0
39
76
163
296
111
61
1
262
11
144
130
254
1,790 |
81
16
3,067
1,070
4,137
51
9
5
27
0
0
5
3
0
3,542
4
84
12
0
595
11
11,781
11,781
12,345
12,763
30,552
30,552
33,884
31,577
31,577
34,909
16,780
16,780
20,112
6
847
202
0
6
0
289
0
0
15
39
33
31
30
51
4
62
0
50
25
0
629 |
92
34
2,984
120
3,104
47
7
7
19
0
0
5
4
10
2,989
2
83
15
0
115
19
34,650
35,550
36,620
38,410
59,130
59,130
59,130
59,910
59,910
59,910
43,860
43,860
43,860
604
367
41
0
0
0
159
0
0
3
17
200
69
16
10
4
87
4
18
32
6
625 |
52
12
2,534
388
2,922
43
11
3
12
0
0
6
8
17
2,453
1
76
22
0
469
9
56,036
57,968
60,270
63,612
84,852
84,852
84,852
79,812
79,812
79,812
69,812
69,812
69,812
130
428
165
2
0
0
266
12
0
35
107
90
69
31
81
7
52
0
80
109
5
944 |
NA
NA
2,729
0
2,729
100
0
0
0
0
0
0
0
0
2,729
27
73
0
0
0
16
13,500
14,500
14,500
15,000
22,800
22,800
22,800
24,600
24,600
24,600
21,600
21,600
21,600
0
403
0
0
0
0
181
0
0
0
0
8
10
2
0
0
31
0
8
0
0
240 |
18
32
2,434
22
2,456
55
4
12
12
0
0
8
2
7
2,456
2
97
1
0
0
8
60,930
62,870
64,800
67,805
87,470
87,470
87,470
87,970
87,970
87,970
70,055
70,055
70,055
0
624
0
0
0
0
317
0
0
40
38
66
149
48
27
11
272
0
121
7
0
1,096 |
85
10
1,594
785
2,379
55
9
3
26
0
0
2
3
2
1,329
8
83
9
0
1,050
12
40,330
40,380
41,210
42,950
60,960
60,960
60,960
60,652
60,652
60,652
47,650
47,650
47,650
0
396
274
24
0
0
155
0
0
5
19
105
7
1
27
7
3
0
39
10
1
379 |
80
11
2,061
179
2,240
30
15
11
34
0
0
4
1
6
2,240
8
86
6
0
0
19
15,256
15,888
16,650
17,472
40,290
40,290
62,958
37,556
37,556
60,224
22,450
22,450
45,118
0
55
18
4
4
0
25
4
1
1
1
4
5
8
5
11
8
0
22
5
0
100 |
59
14
1,681
62
1,743
59
4
5
10
0
0
6
11
6
1,521
0
99
1
0
222
10
57,520
59,470
61,234
63,678
82,624
82,624
82,624
82,624
82,624
82,624
65,078
65,078
65,078
0
312
114
0
0
0
164
0
0
8
11
111
5
13
22
6
46
0
26
0
0
412 |
NA
NA
1,287
183
1,470
41
9
20
13
0
0
3
7
6
0
NA
NA
NA
NA
1,470
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
0
0
126
15
247
0
189
2
0
12
0
121
13
17
0
54
36
0
107
0
0
551 |
79
16
1,207
171
1,378
27
15
6
36
0
0
2
11
4
1,089
3
86
11
0
289
14
30,720
31,460
32,120
33,060
53,830
53,830
53,830
48,510
48,510
48,510
38,510
38,510
38,510
3
294
100
0
50
0
108
0
0
5
9
36
11
6
26
5
6
0
37
0
0
249 |
94
100
1,148
0
1,148
100
0
0
0
0
0
0
0
0
921
38
62
0
0
227
7
8,640
8,640
9,440
9,900
20,400
20,400
20,400
34,100
34,100
34,100
20,000
20,000
20,000
0
83
0
0
0
0
125
0
0
0
0
1
2
0
0
0
10
0
4
0
0
142 |
95
24
651
240
891
6
33
3
48
0
0
6
4
0
891
12
45
43
0
0
20
22,410
22,410
23,598
24,705
NA
NA
NA
39,990
39,990
39,990
30,470
30,470
30,470
123
102
0
0
0
0
36
0
0
1
28
16
13
6
6
0
0
0
8
0
0
114 |
NA
NA
679
0
679
100
0
0
0
0
0
0
0
0
679
25
75
0
0
0
17
10,460
11,490
12,200
12,300
20,500
20,500
20,500
38,070
38,070
38,070
18,550
18,550
18,550
0
89
0
0
0
0
39
0
0
0
3
6
2
0
0
0
4
0
5
0
0
59 |
Page 1 of 2
Bais Medrash of Dexter Park |
Yeshiva Ohr Naftoli |
|
Rabbinical College Beth Shraga |
|
Bais Binyomin Academy |
|
Yeshiva Gedolah Kesser Torah |
|
Yeshiva D'monsey Rabbinical College |
|
Saint Vladimirs Orthodox Theological Seminary |
|
Ohr Hameir Theological Seminary |
|
Bais Medrash Elyon |
|
Cochran School of Nursing |
|
Montefiore School of Nursing |
|
Mechon L'hoyroa |
|
Yeshiva Shaar Ephraim |
|
Yeshiva Shaarei Torah of Rockland |
|
Kehilath Yakov Rabbinical Seminary |
|
Beth Medrash Meor Yitzchok |
|
Ohel Margulia Seminary |
|
Percent admitted - total Admissions yield - total
Full-time enrollment Part-time enrollment
Total enrollment % White % Black % Asian % Hispanic % Native Hawaiian or Other Pacific Islander % American Indian or Alaska Native % two or more races % Race/ethnicity unknown % U.S. Nonresident
Undergraduate enrollment % under 18 % 18-24 % 25-64 % over 65
Graduate enrollment
Student-to-faculty ratio
Tuition and fees, 2020-21 2021-22 2022-23 2023-24
Total price for In-district students living on campus 2023-24 In-state students living on campus 2023-24 Out-of-state students living on campus 2023-24
In-district students living off campus (no family) 2023-24 In-state students living off campus (no family) 2023-24 Out-of-state students living off campus (no family) 2023-24
In-district students living off campus (w/ family) 2023-24 In-state students living off campus (w/ family) 2023-24 Out-of-state students living off campus (w/ family) 2023-24
Associate's degree Bachelor's degree Master's degree Doctor's degree - research/scholarship Doctor's degree - professional practice Doctor's degree - other
Instructional FTE Research FTE Public Service FTE Librarians, Curators, and Archivists FTE Student/Academic Affairs and Other Education Services FTE Management FTE Business and Financial Operations FTE Computer, Engineering, and Science FTE Community Service, Legal, Arts, and Media FTE Healthcare FTE Service FTE Sales and Related FTE Office and Administrative Support FTE Natural Resources, Construction, and Maintenance FTE Production, Transportation, and Material Moving FTE Total FTE staff
|
92
100
243
0
243
100
0
0
0
0
0
0
0
0
243
68
32
0
0
0
11
8,300
8,300
9,100
9,500
NA
NA
NA
34,500
34,500
34,500
22,600
22,600
22,600
94
NA
NA
NA
NA
NA
23
0
0
0
0
0
1
0
0
0
4
0
3
0
0
31 |
52
98
222
0
222
97
0
0
0
0
0
0
0
3
222
42
58
0
0
0
22
10,400
11,400
11,600
12,600
25,700
25,700
25,700
37,600
37,600
37,600
25,700
25,700
25,700
48
7
0
0
0
0
10
0
0
0
0
1
1
0
0
0
5
0
0
0
0
17 |
NA
NA
206
0
206
100
0
0
0
0
0
0
0
0
206
41
59
0
0
0
15
10,300
11,200
11,800
12,800
17,850
17,850
17,850
17,550
17,550
17,550
15,450
15,450
15,450
0
18
0
0
0
0
11
0
0
0
0
2
0
0
0
0
3
0
0
0
0
16 |
35
53
141
0
141
91
0
0
0
0
0
0
0
9
141
4
79
16
0
0
11
13,750
15,115
15,775
13,000
22,780
22,780
22,780
38,000
38,000
38,000
26,100
26,100
26,100
7
17
0
0
0
0
13
0
0
0
0
0
3
0
0
0
8
0
1
0
0
25 |
NA
NA
138
0
138
100
0
0
0
0
0
0
0
0
138
42
58
1
0
0
10
18,175
19,575
14,175
16,975
26,375
26,375
26,375
29,675
29,675
29,675
21,475
21,475
21,475
38
8
0
0
0
0
17
0
1
0
1
1
1
0
0
0
0
0
2
2
0
25 |
NA
NA
124
0
124
100
0
0
0
0
0
0
0
0
124
0
90
10
0
0
21
NA
NA
11,050
11,800
NA
NA
NA
36,800
36,800
36,800
20,900
20,900
20,900
0
14
0
0
0
0
6
2
0
0
0
1
2
0
0
0
1
0
1
0
0
13 |
NA
NA
1
114
115
11
34
3
42
0
0
3
7
0
115
0
13
87
0
0
9
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
32
NA
NA
NA
NA
NA
10
0
0
0
0
1
2
0
0
0
0
0
2
0
0
15 |
NA
NA
1
111
112
23
28
9
32
2
0
4
1
1
112
0
10
90
0
0
3
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
48
NA
NA
NA
NA
NA
20
0
0
1
3
2
0
0
0
0
0
0
2
0
0
28 |
80
100
92
3
95
100
0
0
0
0
0
0
0
0
41
5
90
5
0
54
19
8,600
8,600
8,600
8,600
19,500
19,500
19,500
33,600
33,600
33,600
21,700
21,700
21,700
0
3
0
0
0
0
5
0
0
0
0
0
2
0
0
0
0
0
1
0
0
8 |
NA
NA
94
0
94
97
0
0
0
0
0
0
0
3
94
3
97
0
0
0
16
12,250
12,500
12,750
10,150
20,800
20,800
20,800
NA
NA
NA
NA
NA
NA
15
0
0
0
0
0
6
0
0
0
0
2
0
0
0
0
3
0
1
0
0
12 |
NA
NA
69
21
90
50
1
18
4
0
0
4
2
20
0
NA
NA
NA
NA
90
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
0
0
27
0
1
0
13
0
0
1
1
4
2
2
11
0
0
3
2
3
0
42 |
42
100
86
0
86
100
0
0
0
0
0
0
0
0
86
40
60
0
0
0
14
7,500
8,000
8,600
9,200
20,600
20,600
20,600
33,750
33,750
33,750
19,300
19,300
19,300
0
13
0
0
0
0
6
0
0
0
0
0
1
0
0
0
1
0
0
0
0
8 |
36
80
82
0
82
98
0
0
0
0
0
0
0
2
82
4
96
0
0
0
16
11,300
11,300
12,100
9,600
18,900
18,900
18,900
34,600
34,600
34,600
19,700
19,700
19,700
0
9
0
0
0
0
5
0
0
0
0
1
0
0
0
0
0
0
0
0
0
6 |
79
92
50
0
50
94
0
0
0
0
0
0
0
6
50
38
62
0
0
0
10
9,650
10,050
10,050
9,450
22,050
22,050
22,050
35,950
35,950
35,950
19,550
19,550
19,550
0
0
0
0
0
0
5
0
0
0
0
1
0
0
0
0
2
0
0
0
0
8 |
93
100
48
0
48
94
0
0
0
0
0
0
0
6
48
54
46
0
0
0
12
14,250
14,750
15,450
16,150
29,150
29,150
29,150
40,750
40,750
40,750
26,250
26,250
26,250
8
3
0
0
0
0
4
0
0
0
0
1
2
0
0
0
2
0
1
0
0
10 |
81
100
43
0
43
98
0
0
0
0
0
0
0
2
43
49
51
0
0
0
14
9,926
10,230
10,430
10,550
21,700
21,700
21,700
NA
NA
NA
NA
NA
NA
21
0
0
0
0
0
3
0
0
0
0
1
1
0
0
0
0
0
0
0
0
5 |
92
100
20
2
22
100
0
0
0
0
0
0
0
0
22
5
55
41
0
0
8
9,600
9,600
10,000
11,000
NA
NA
NA
36,000
36,000
36,000
24,100
24,100
24,100
18
9
0
0
0
0
5
0
0
0
0
1
2
0
0
0
0
0
0
0
0
8 |
Page 2 of 2
Sources: STI: PopStats and STI: Colossus
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