Iona College contributed nearly $300 million to the regional economy, according to a brand-new study.
Iona College contributed $284.4 million to the economy and was responsible for 1,930 jobs in 2017, the college announced. The figure represents a near $26 million increase from the previous year.
The study was commissioned by the Albany-based Commission on Independent Colleges and Universities, who evaluated more than 100 private, not-for-profit schools. The study found that Iona College’s presence translated into $104.3 million direct spending; $36.5 million in student and visitor spending; $16.9 million in construction spending; and contributed $7.8 million in local income and sales taxes.
“As one of New Rochelle’s largest employers and one of the Hudson Valley’s regional education anchors, it’s gratifying to see these figures and understand their importance,” Iona College President Joseph E. Nyre stated. “We not only strive to be an excellent institution of higher education, but to be a good neighbor to New Rochelle and our surrounding communities.”
According to the report, Iona’s economic impact was one part of the study’s broader findings, which concluded that private, not-for-profit colleges and universities in New York contributed $88.8 billion to the state’s economy; paid more than $2.2 billion in state and local sales taxes; and supported more than 415,600 jobs. The study showed that 25 college campuses in the Hudson Valley generated $5.2 billion in economic activity.
“New York’s private colleges are an integral part of the state’s economy, serving as major employers, anchor tenants, and economic engines in every region of the state,” Mary Beth Labate, CICU president, said. “While private colleges in New York are focused on ensuring their students have the skills they will need to compete in the economy of the future, they are also strengthening New York’s economy today. We are private colleges, but we are working to benefit the public good in a very real and important
Click here to sign up for Daily Voice's free daily emails and news alerts.