Iona’s Economic Impact on New York State Totals $258 Million

NEW ROCHELLE, N.Y. -- New Rochelle's Iona College is the town's second-largest private employer which contributes as much as $258.5 million a year to the regional economy, according to a recent report.

Iona College in New Rochelle contributes as much as $258.5 million a year to the regional economy.
Iona College in New Rochelle contributes as much as $258.5 million a year to the regional economy. Photo Credit: Justin Stock

The study, conducted on behalf of the Commission on Independent Colleges and Universities (CICU) by the Center for Governmental Research, shows that in 2015 the college spent $99.4 million in wages, providing 1,850 local jobs, and contributed $7.3 million in state income and sales tax. 

In addition, another $37 million came from student and visitor spending.

President Dr. Joseph E. Nyre, noted, “Iona College strives to be a good neighbor to our good neighbors in New Rochelle and the surrounding communities.”

Iona’s impact is part of broader findings also included in the study that found independent colleges and universities have a total statewide impact of $79.6 billion, and the Mid-Hudson Valley, where Iona is located, $4.8 billion. 

“Private, not-for-profit colleges and universities are committed contributors to New York state’s economy,” said Laura L. Anglin, president of the CICU. “In addition to direct institutional spending and students’ discretionary spending, independent colleges and universities are destinations and attract thousands of visitors annually who further subsidize the towns and cities where these campuses are located."

And while the college's economic impact is significant, the college also contributes to the social, cultural and service fabric of New Rochelle.

 A recent compilation of Iona student service hours, for the President’s Honor Roll application in June 2016, showed some 66,381 hours donated, including academic internships such as student teaching, criminal justice, social work, and speech communications.

 The many service activities Iona students engage in include tutoring at-risk students in grades K-6 through the Abraham House, participating in Boys and Girls Clubs of New Rochelle, visiting elderly Christian Brothers at the St. Joseph Residence, assisting with home repair and clean-up in disaster-impacted communities through the St. Bernard Project/Habitat for Humanity, spending time with sick children at Blythedale and Montefiore Hospitals, delivering food and clothing to the homeless of New York City through Midnight Run, serving meals to the hungry, visiting women in the Bedford Correctional Facility through the Woman to Woman program, and facilitating activities at the Wartburg Senior Center. 

Iona has been repeatedly recognized for community service by the US Department of Education.

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