Queens College generates big bucks: new report

Queens College contributes more than $1.8 billion to the New York City area, according to a new study. Photo via Queens College.

By Victoria Merlino

Queens College is an economic driver in New York City, according to a new study commissioned by the college, which found that former students, tax revenue and other financial streams account for $1.8 billion.

The majority of the economic impact — $1.5 billion — is from alumni earning, jobs created by their businesses, taxes paid and alumni spending. Nearly 85 percent of alumni stay in the New York City area after graduating, and earn an average of $34,500 more a year than people with only a high school diploma. 

“Clearly, Queens College — like City College, which recently released a similar report, and like CUNY — is an indispensable New York institution that makes powerful contributions to the overall economy of both the city and state,” said CUNY Chancellor Félix V. Matos Rodríguez.

The report additionally showed that there was a $4.90 return for every dollar spent by taxpayers toward the college, which receives public funding. 

“This report provides indisputable evidence that Queens College is not only of life-changing importance to the students who enroll here as part of their pursuit of the American dream, it is a powerful economic engine that generates and drives commerce in support of the entire New York metropolitan area,” Queens College Interim President William Tramontano said.