A new report released by State Comptroller Thomas DiNapoli highlights the higher education sector’s importance to New York’s local economies and to the state’s overall economic health. The state’s 290 degree-granting, postsecondary institutions employed over 296,000 people, paying wages of around $26.5 billion in 2023, but the sector still has over 13,000 fewer jobs since the pandemic.
“The higher education sector brings tremendous value to the state and regional economies through employment, wages, student spending and more,” said DiNapoli. “These institutions of learning also foster long-term economic growth by creating a skilled workforce and stimulating innovation. It is essential that the state attract and retain the educators and students who can bring their talents to the various sectors of our economy.”
Consumer spending on higher education in the state totaled $15.7 billion and spending on research and development (R&D) by colleges and universities totaled $8.3 billion in 2022. New York ranks third nationally for consumer spending on higher education, behind California and Texas, with total spending increasing 12.2% in 2022.
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