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An economic impact study on the value of Queens College showed that the college adds more than $1.8 billion to the New York City metropolitan area and provides a return of $4.90 for every dollar spent by taxpayers.
A significant portion of the income added—$1.5 billion—is the result of alumni impact. Alumni impact represents the collective earnings of alumni, taxes paid on those earnings, jobs created by alumni, taxes paid by their businesses, and spending by alumni. The remaining sources of QC-related economic impact include operations spending, $276.1 million; start-up and spin-off company impact, $35.8 million; student spending, $23.1 million; research spending impact, $11 million; capital spending impact, $3 million; and visitor spending impact, $1.8 million. Those sources improved the local economy by providing additional income and job opportunities to area residents.
Because Queens College is committed to promoting supplier diversity, New York State-certified minority- and women-owned business enterprises (MWBE) were a significant part of the vendor pool. In 2018, MWBE participation was 36%, or $1.1 million in actual spending.
“This study documents the tremendous annual economic benefit that Queens College, one of CUNY’s 25 colleges, has on New York City and the greater metropolitan area,” said CUNY Chancellor Félix V. Matos Rodríguez. “Queens College faculty and staff win millions of dollars in research and philanthropic grants. The college’s alumni are collectively responsible for $1.5 billion in …