According to a recent study by Lightcast, Brooklyn College, as part of the City University of New York system, contributes approximately $2.6 billion annually to the New York City economy. The analysis looked at operating expenses, student expenditures, and the impact on alumni in fiscal year 2021-2022 to assess the economic influence and value of the college’s investment.
The President of Brooklyn College, Michelle J. Anderson stated: “Investing in Brooklyn College is a win-win for our communities and our students” and that the college is “proud to be one of the leading institutions for social mobility and to be a beacon for young people looking to receive an unparalleled, affordable education”.
Since 1930, Brooklyn College has been committed to the education and future of students from diverse socioeconomic and immigrant backgrounds; to this end, the college has a student population representing 136 countries and speaking over 90 languages. The study found that this diverse network of students and alumni has a positive impact on the city and its investors, as a substantial number of alumni work in the New York metropolitan area, contributing to spending, job creation and income growth.
With regards to the inclusion and diversity of the student population, the U.S. News and World Report recognized the institution as having the highest campus diversity index for six years.
The college sees its diversity as its greatest asset, emphasizing the benefits for the society it promotes. Also according to the study, Brooklyn College’s total value of $6.9 billion includes $4.4 billion in additional student income, $2 billion in increased business revenue, $295.4 million in college assets, and $252 million in social savings associated with health, justice system, and income assistance in New York City.
Furthermore, the college provides benefits to students, taxpayers, and stakeholders through its operational spending, student expenditures, and alumni income. Only the alumni impact alone accounts for 17,482 local jobs and contributes $2.3 billion in added income to the economy.
