Commencement at CCNY, whose alumni go on to make a massive impact on the New York economy.
In its latest study of The City College of New York’s impact on the regional economy, labor analytics firm Lightcast pegs the figure at an astounding $3.7 billion in fiscal year 2023-24. This is half a billion dollars more than the last study covering fiscal year 2021-22, and $1.8 billion more than when Lightcast [then EMSI] released its first CCNY economic impact report on fiscal year 2017-18.
Founded in 1847, The City College serves a region defined by Lightcast as the ‘CCNY Service Region.’ It comprises 10 counties: Bronx, Kings, Nassau, New York, Putnam, Queens, Richmond, Rockland, Suffolk, and Westchester.
“While CCNY adds value to the CCNY Service Region beyond the economic impact outlined in this study, the value of CCNY’s impact in terms of dollars and cents is an important component of the college’s value as a whole,” said Lightcast. “In order to fully assess CCNY’s value to the regional economy, this report has evaluated the college from the perspectives of economic impact analysis and investment analysis.
“From an economic impact perspective, we calculated that CCNY generates a total economic impact of $3.7 billion in total added income for the regional economy. This represents the sum of several different impacts.”
Lightcast calculated the impacts created in the region in FY 2023-24, when CCNY served 17,741 students, as follows:
- $207.7 million -- operations spending impact;
- $9.8 million – construction spending impact;
- $58.1 million-- research spending impact;
- $85.6 million -- visitor spending impact;
- $66.4 million -- student spending impact; and
- $3.3 billion -- alumni impact.
This adds up to slightly over $3.7 billion, which is equivalent to supporting 23,906 jobs.
Said Lightcast: “Since CCNY’s activity represents an investment by various parties, including students, taxpayers, and society as a whole, we also evaluated the college as an investment to see the value it provides to these investors. For each dollar invested by students, taxpayers, and society, CCNY offers a benefit of $7.90, $1.60, and $9.80, respectively.
“These results indicate that CCNY is an attractive investment to students with rates of return that exceed alternative investment opportunities. At the same time, the presence of the college expands the state economy and creates a wide range of positive social benefits that accrue to taxpayers and society in general within New York.”
Since its establishment, CCNY has been serving its service region by enhancing the workforce, providing local residents with easy access to higher education opportunities, and preparing students for highly skilled, technical professions. It adds economic value to the region as an employer of regional residents and a large-scale buyer of goods and services. In FY 2023-24, payroll at CCNY was $281.3 million, much of which was spent in the region on groceries, mortgage and rent payments, dining out, and other household expenses. In addition, the College spent $147.6 million on expenses related to facilities, supplies, and professional services.
From a taxpayer perspective, CCNY graduates will increasingly make higher tax payments throughout their working lives as their earnings go up. It’s estimated that by the end of their working lives, local and state governments would have collected a present value of $547.9 million in added taxes from FY 2023-24 students.
Altogether, the social benefits of CCNY equal a present value of $6.6 billion. These benefits include $3.7 billion in added student income, $2.5 billion in added business income, $268.9 million in added income from college activities, as well as $87.3 million in social savings related to health, the justice system, and income assistance in New York.
“This analysis underscores the extraordinary and growing role City College plays in New York’s economy,” said CUNY Chancellor Félix V. Matos Rodríguez. “The college’s $3.7 billion annual economic impact demonstrates the breadth of CCNY’s contributions across the region. By creating opportunity for students, developing the skilled workforce New York needs and advancing research and innovation, City College continues to show the powerful value that CUNY and public higher education deliver for all New Yorkers.”
“Thinking about the college's role, and responsibility, in connecting education to the workforce impelled our original efforts to work with Lightcast to discover our economic impact in the downstate area,” said CCNY President Vincent G. Boudreau. “This new report recognizes that CCNY graduates move across the state and the nation, and so we need to conceptualize our relationship to economic development on a statewide basis. This impact study both illustrates that relationship and helps us further tune our work to the needs of New York's vibrant economy.”
New York City and New York state deserve a well-educated, well-trained professional workforce and CCNY is thrilled to play a small role in the workforce development goals of the state, said Dee Dee Mozeleski, Senior Vice President of the Office of Institutional Advancement, Communications and External Relations. “Our partnership with Lightcast continues to be a signature anchor in our economic development ecosystem and this report highlights the tremendous teaching, research and professional staff support provided as part of the City College experience,” added Mozeleski, whose other titles include Executive Director of the Foundation for City College.
Click here to access the entire report.
About the Study
Data and assumptions used in the study are based on several sources. These include the FY 2023-24 academic and financial reports from CCNY, the College’s alumni records matched to Lightcast’s Alumni Pathways database; industry and employment data from the U.S. Bureau of Labor Statistics and U.S. Census Bureau; outputs of Lightcast’s Multi-Regional Social Accounting Matrix model, and a variety of studies and surveys relating education to social behavior. The study applies a conservative methodology and follows standard practice using only the most recognized indicators of economic impact and investment effectiveness.
About Lightcast
Lightcast is a global leader in labor market intelligence, empowering smarter decisions for businesses, education institutions, and governments worldwide. With the world’s most comprehensive database—spanning over 3 billion job postings, 1.2 billion career profiles, and 100+ government sources—Lightcast delivers unparalleled insight into skills, jobs, companies, professional profiles, and workforce trends across 165 countries. Our proprietary taxonomies, advanced AI, and expert guidance transform complex data into clear, actionable intelligence. Recognized in TIME’s 2026 America's Top WorkTech Companies and regularly featured in the NY Times, WSJ, Forbes, and CNBC, Lightcast is widely regarded as the go-to source with the leading data and definitive insights on AI, skills, and demographic shifts. Lightcast has offices in the United States, United Kingdom, Canada, Italy, New Zealand, and India. Learn more at https://lightcast.io/.
About The City College of New York
Since 1847, The City College of New York has provided a high-quality and affordable education to generations of New Yorkers in a wide variety of disciplines. CCNY embraces its position at the forefront of social change. It is ranked #1 by the Harvard-based Opportunity Insights out of 369 selective public colleges in the United States on the overall mobility index. This measure reflects both access and outcomes, representing the likelihood that a student at CCNY can move up two or more income quintiles. Education research organization Degree Choices ranks CCNY #1 nationally among universities for economic return on investment. In addition, the Center for World University Rankings places CCNY in the top 2.2% of universities worldwide in terms of academic excellence. Labor analytics firm Lightcast puts at $3.7 billion CCNY’s annual economic impact on the regional economy (5 boroughs and 5 adjacent counties) and quantifies the “for dollar” return on investment to students, taxpayers, and society. At City College, more than 16,500 students pursue undergraduate and graduate degrees in eight schools and divisions, driven by significant funded research, creativity, and scholarship. In 2023, CCNY launched its most expansive fundraising campaign ever. The campaign, titled “Doing Remarkable Things Together,” seeks to bring the College’s Foundation to more than $1 billion in total assets in support of the College's mission. By May 2026, more than $500 million had been raised. CCNY is as diverse, dynamic, and visionary as New York City itself. View CCNY Media Kit.
Jay Mwamba
p: 917.892.0374
e:
jmwamba@ccny.cuny.edu