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article imageQueens College helps boost New York City economy by $1.8 billion

By Markos Papadatos     Feb 27, 2020 in Lifestyle
According to an economic impact study, Queens College has helped boost the New York City economy with $1.8 billion in total impact.
The analysis report also indicated that it provides a return of $4.90 for every dollar that is spent by taxpayers. This $4.90 return for each dollar spent by taxpayers that support Queens College represents an annual rate of return of 13.3 percent. For students, Queens College offers a return on investment of $5.50 for each dollar spent, an annual rate of return of 17.9 percent.
A major portion of the income added, $1.5 billion, is the result of alumni impact, which consists of the collective earnings of alumni, taxes paid on those earnings, jobs created by alumni, taxes paid by their businesses, and spending by Queens College alumni. The remaining $.3 billion is a result of Queens College-related economic impact such as operations spending, start-up, and spin-off company impact, student spending, research spending impact, capital spending impact, as well as visitor spending impact.
These sources improved the local economy by providing additional income and job opportunities to metropolitan area residents.
Queens College is committed to promoting supplier diversity, where New York State-certified Minority and Women-owned Business Enterprise (MWBE) enterprises were a significant part of the vendor pool.
CUNY Chancellor Félix V. Matos Rodríguez stated that this economic impact study documents the annual economic benefit that Queens College has on New York City and the greater metropolitan area. He shared that the college's faculty and staff win millions of dollars of research and humanitarian grants. He praised Queens College for being an "indispensable New York institution that makes powerful contributions to the economy of the city and the state.”
William Tramontano, the interim president of Queens College, stated that this economic impact study furnishes indisputable evidence that Queens College is not only of "life-changing importance" to its students as part of their pursuit of the American dream but it is also a "powerful economic engine" that generates and drives commerce in support of the entire New York City area.
According to this analysis, approximately 85 percent of Queens College students stay in the New York area after they graduate from college. Its graduates go on to earn an average of $34,500 more each year, and $1.5 million more in a working lifetime than a person with only a high school diploma, which is an impressive statistic.
In addition, the graduates of Queens College are more likely to find employment, less likely to commit crimes, and overall, lead healthier lives than people that are less educated.
In 2019, as Digital Journal reported, Queens College was named "Best Value College" by The Princeton Review. Queens College also earned a glowing review from Digital Journal, which was hailed as an "exceptional college."
To learn more about Queens College, check out its official website.
More about queens college, Economy, New york
 
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