BY THE NUMBERS - The Economic Impact of the State University of New York - Academic Year 2023-24

Oct 15, 2026

A report quantifies the State University of New York’s (SUNY) economic impact for academic year 2023–24, detailing how education, research, hospital operations, student spending, and construction activity support jobs and output across New York. It estimates 166,200 jobs and $35.5 billion in total annual output, including a first-time inclusion of construction’s full annual impact. The document also examines workforce effects through degree attainment and graduate retention in-state, and provides industry breakdowns and investment measures for state appropriations.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages20

Reading Time50 min

AccessFree to download

Introduction

SUNY’s Economic Impact by the Numbers

SUNY Reaches Across New York’s Economy

Table 1: Annual Economic Impact of SUNY by Industry

BY THE NUMBERS The Economic Impact of the State University of New York Academic Year 2023–24 Patrick Schumacher Brian Backstrom March 2026 ABOUT THE AUTHORS Patrick Schumacher is a policy analyst at the Rockefeller Institute of Government Brian Backstrom is director of education policy studies at the Rockefeller Institute of Government SUNY’S ECONOMIC IMPACT BY THE NUMBERS Introduction The State University of New York (SUNY) reaches approximately 1.7 million students across its mix of credit-and noncredit-bearing courses, continuing education, and a wide range of community programs.1 Altogether, the university encompasses 64 college and university campuses, including four academic health centers, five hospitals, four medical schools, two dental schools, a law school, and the state’s only college of optometry, making it one of the largest comprehensive systems of higher education in the United States. Across these campuses, SUNY’s mission is to “provide to the people of New York educational services of the highest quality, with the broadest possible access.”2 Beyond its educational mission, SUNY has a substantial economic impact that benefits communities across the state. This impact occurs along several dimensions. There is the direct impact of the university as an employer, such as by paying wages, purchasing goods and services, and generating revenue through tuition, research grants, and hospital operations. Then there is the indirect impact on the economy through SUNY’s supply chain: when campuses contract with vendors, purchase equipment, or hire construction firms, those businesses in turn support additional jobs and economic activity. Finally, there is the induced effect that occurs when people employed either directly by SUNY or indirectly through its supply chain spend their earnings in the broader economy on retail, housing, groceries, and other goods and services. This report aims to capture these different ways in which SUNY impacts the economy, and it builds on three prior economic impact analyses published by the Rockefeller Institute of Government. The most recent report, covering academic year 2020–21, found that SUNY generated $31 billion in economic impact.3 This updated report finds that economic impact has grown to $35.5 billion for the academic year 2023–24, driven largely by increases in revenue at SUNY’s academic medical centers and major university campuses. This figure includes for the first time the full annual impact of SUNY construction activity. SUNY’s operations alone, excluding construction activity, generate $33.8 billion in economic output, which corresponds to a $7.38 return on investment (ROI) for each dollar in state appropriations made to support SUNY operations. The full $35.5 billion economic impact represents 1.5 percent of New York State’s gross state product.4 The report also examines the supply-side effect SUNY has on the state’s workforce through degrees conferred and the retention of graduates. Data-sharing agreements with the Department of Labor and SUNY’s Office of Institutional Research and Data Analytics show that more than 70 percent of SUNY graduates remain in New York State five years following graduation, and more than 62 percent are still working in the state after 10 years. The Rockefeller Institute also estimates that 25 percent of New Yorkers with a postsecondary degree hold one from a SUNY institution. The first section of this report presents the economic impact SUNY has statewide and by industry, and the second section outlines its impact across each of the 10 economic regions in the state. Later sections look at the number of degrees awarded by SUNY, employment impacts, and the economic impact of SUNY’s construction activity. SUNY Reaches Across New York’s Economy SUNY’s economic footprint extends well beyond the classroom. Across the state, SUNY operations, research enterprise, hospital systems, construction activity, and student spe

FAQs

How large is SUNY’s total economic impact in academic year 2023–24?

The report estimates SUNY generated $35.5 billion in total annual economic output and supported about 166,200 jobs across New York.

What components drive SUNY’s economic impact beyond education?

The report includes direct effects from SUNY as an employer, indirect effects through its supply chain, induced effects from spending by workers, and impacts from research enterprise, hospital systems, student spending, and construction activity.

What does the report say about where SUNY graduates stay after graduation?

It reports that more than 70% of SUNY graduates remain in New York State five years after graduation, and more than 62% are still working in the state after 10 years.

Oct 15, 2026

Uploaded by Quinn Holloway