NYU contributed $7.6 billion to New York state’s total economic output last year, representing 0.5% of New York City’s gross domestic product, according to a report released last week by a Tribeca-best real estate and economic consultancy firm.
Researchers used IMPLAN software — a program governments often use to economically assess policies and business practices — to evaluate NYU’s impact on the city and state. They found that roughly 11,300 students moved to New York City to attend NYU between July 2023 and June 2024 — comprising one in eight people who moved to the city during that period — and that around one-third of alumni stay in the city after college, while 40% stay in the state. Throughout that time, students spent around $1.7 billion, also boosting the local economy,
“NYU’s new Economic Impact Study highlights the university’s powerful role as an engine of opportunity, attracting talent from around the world, building a strong workforce pipeline, and shaping key sectors from tech to the arts,” New York City Comptroller Mark Levine said in the press release. “NYU continues to play a vital role in keeping New York’s economy dynamic, inclusive and competitive.”
The original report, conducted by HR&A Advisors, was not available upon WSN’s request.
NYU’s press release emphasized that out of the $738 million in aid it provides in-state students, $575 million goes toward those from New York City. Out of all NYU undergraduate students who receive aid, 20% are federal Pell Grant recipients and 20% are also first-generation college students.
“Every global city is competing to attract new residents, jobs and employers. NYU has become a powerful engine that is fueling New York’s economic momentum,” President Linda Mills said in the report. “We often say that NYU is ‘in and of the city.’ That’s more than a motto.”
The report also revealed that NYU creates 35,400 jobs, producing one out of every 265 positions in New York City. The university collectively pays $3.8 billion in labor fees — a sum that primarily “stays in the local economy.” It encompasses full-time contract faculty and administrators, but not part-time NYU Langone Health doctors and adjunct faculty, who are salary-based workers, not wage.
The university emphasized that its median full-time wage for employees is $40,000 more than New York City’s median household compensation of $81,000. NYU’s minimum salary for an assistant rank contract member was formerly $70,000 — but rose to $91,000 after the university reached an agreement with its contract faculty union.
The report also briefly touches on NYU’s real estate projects around the city. It highlights the past five years, during which the university invested $2.7 billion in construction projects — $4.1 billion in cumulative statewide economic output.
Correction, 5/6: A previous version of this article incorrectly said the minimum salary for assistant rank contract faculty was $90,000, not $70,000.
Contact Natalie Deoragh at [email protected].