Newswise — Stony Brook, NY, July 10, 2019 – Stony Brook University’s annual economic impact on Long Island totals an impressive $7.23 billion in increased output, according to an economic impact report compiled by John A. Rizzo, Professor of Economics and Population, and supported by the University’s economic development office.
Analysis found that Stony Brook University’s annual economic impact on Long Island totaled an impressive $7.23 billion in increased output, $2.39 billion in earnings, and 54,637 local jobs. In addition, the University’s graduates increased aggregate economic output worldwide by $15.3 billion, supporting an impressive 99,815 jobs.
According to the report, the $7.23 billion economic boost resulted from the state’s direct investment of $470.2 million in tax dollars, which provided a tremendous 1500 percent return on investment equal to an economic gain of $15 for every dollar invested by the state.
With almost 15,000 employees, Stony Brook is Long Island's largest single site employer. The study found that when including additional jobs related to Stony Brook's economic impact, the University's economic activity supports eight percent of all jobs in Suffolk County and accounts for three percent of all economic activity in Nassau and Suffolk Counties.
"Stony Brook University is proud to provide a vital stimulus in creating and supporting many of the jobs that sustain the region's economy," said Stony Brook University President Samuel L. Stanley Jr., MD. "These findings have confirmed that our dedicated efforts have made a positive economic impact not only in our own backyard but also in the world."
The study employed a methodology developed by the Bureau of Economic Analysis known as Regional Input-Output Modeling System (RIMS II). Results are in line with similar studies from other public Association of American University institutions. Learn more about the University’s economic impact.
About Stony Brook University
Stony Brook University, widely regarded as a SUNY flagship, is going far beyond the expectations of today’s public universities. With more than 26,000 students, 2,700 faculty members, nearly 200,000 alumni, an academic medical center, and 18 NCAA Division I athletic programs, it is one of only four University Center campuses in the State University of New York (SUNY) system. The University embraces its mission to provide comprehensive undergraduate, graduate, and professional education of the highest quality, and has been ranked among the top 35 public universities in the nation by U.S. News & World Report. Fostering a commitment to academic research and intellectual endeavors, Stony Brook’s membership in the Association of American Universities (AAU) places it among the top 62 research institutions in North America. The University's distinguished faculty have earned esteemed awards such as the Nobel Prize, Pulitzer Prize, Indianapolis Prize for animal conservation, Abel Prize and the inaugural Breakthrough Prize in Mathematics. Part of the management team of Brookhaven National Laboratory of the U.S. Department of Energy, Stony Brook is one of only eight universities that has a role in running a national laboratory. Providing economic growth for neighboring communities and the wider geographic region, the University totals an impressive $7.23 billion in increased economic output on Long Island. Follow us on Facebook (https://www.facebook.com/stonybrooku/) and Twitter (@stonybrooku).