For close to a century, Brooklyn College has lifted generations of graduates up the socioeconomic ladder. But how much has the institution impacted New York City and the surrounding region? A recent economic impact study suggests a lot. According to data from the 2021–22 fiscal year, Brooklyn College added $2.6 billion in income to the New York City economy, through a combination of operations spending, student spending, and—perhaps most importantly—alumni impact. The study measured how Brooklyn College positively affects the city, and the benefits the college generates in return for the investments made by its key stakeholder groups—students, taxpayers, and society—by examining two key areas: economic impact and investment analysis. “Investing in Brooklyn College is a win-win for our communities and our students,” said Michelle J. Anderson, president of Brooklyn College. “Our world-class staff and faculty not only equip students with the tools needed for personal success but empower them to contribute significantly to the regional economy. We are proud to be one of the leading institutions for social mobility and to be a beacon for young people looking to receive an unparalleled, affordable education.” Economic Impact, Graduate by Graduate When looking at the contributions of alumni in particular, Brooklyn College’s education and training provide the greatest impact, as thousands of former students are employed in the New York City area. In fiscal year 2021–22, alumni generated $2.3 billion in added income for the regional economy, equivalent to supporting 17,482 jobs. “It’s fitting that one of Brooklyn’s premier institutions of higher education is one of the greatest economic drivers of our economy,” said Brooklyn Borough President Antonio Reynoso. “With so many young New Yorkers, particularly students of color and children of immigrants, attending Brooklyn College, we must continue to invest in institutions like these that play such a critical role in advancing economic and social mobility.” Mentoring Tomorrow’s Leaders Tommy Tieu ’14 One example of a Brooklyn College graduate who is thriving and helping to lift the city is Tommy Tieu ’14, a Brooklyn native whose interest in a business career was sparked as a teen. He entered Brooklyn College as a transfer student to pursue a double major in public accounting and business management and finance. Now a New York metro area talent-acquisition manager at the accounting and professional services firm PwC, Tieu finds great fulfillment in paying it forward by shepherding Brooklyn College students on their career paths. The college also helps mentor the leaders of tomorrow who positively impact the city in other ways. Born and raised in Taiwan, Iwen Chu ’07 M.A. came to New York at 27 to attend Brooklyn College for a master’s degree. As an international student, Chu looked for a college that could provide a quality education and access to greater opportunities. After becoming the first Asian-American woman in the New York State Senate, Chu has been working to build better communities by focusing on problem-solving for the diverse Brooklyn district she represents. “[Sociology] was a field I fell in love with, the classes and professors alike. My time at Brooklyn College gave me a real sense of what New York City is about—diversity, opportunity, and a path to thrive,” Chu said. Brooklyn College’s ROI The study also showed how the return on investment for students and taxpayers has been similarly substantial. Brooklyn College’s students will receive a stream of higher future earnings that will continue to grow throughout their working lives. For example, the average bachelor’s degree graduate saw annual earnings that were $41,200 higher than a person with a high school diploma or equivalent working in New York City. In a working lifetime, the benefits of a bachelor’s degree over a high school diploma will amount to an undiscounted value of $1.7 million in higher earnings per graduate. Student investment in Brooklyn College has an average annual internal rate of return of 21.7%, which is impressive compared to the U.S. stock market’s 30-year average rate of return of 9.6%. The present value of the benefits associated with a Brooklyn College education equals $121.6 million in annual savings to state and local taxpayers. All told, the recent study showed that Brooklyn College’s impact reaches far beyond classrooms, lecture halls, and research labs. While the college increases students’ employability and potential for individual success, it is building a stronger New York City, one graduate at a time. Read More Dive into the new economic impact study.
