New Report Finds Pace University Contributes More Than $1 Billion Annually to New York Metro Area
NEW YORK (PRWEB) September 19, 2019 -- A new report released today shows that Pace University contributes more than $1 billion every year to the New York metropolitan area’s economy. Pace has three campuses in New York City and Westchester. In New York City, Pace’s total economic impact to lower Manhattan is $682 million annually.
“As an institution of higher learning that has helped generations of students achieve upward economic mobility, we strive to educate our students so that they will succeed in their careers and their lives,” said Pace President Marvin Krislov. “But our importance in New York extends beyond our students, our classrooms, and our campuses—we are also a vital community resource and potent economic engine in the region.”
The economic analysis, prepared by The Helene T. and Grant M. Wilson Center for Social Entrepreneurship at Pace University, examined payroll, construction, procurement, and other data such as student and visitor spending on meals, entertainment, transportation, and local retail from 2017 (the latest data available).
Report highlights include:
- Every year, Pace attracts 178,000 visitors to Lower Manhattan, where they spend $24 million. Students in New York City spend an additional $93 million off-campus every year.
- Pace University has more than 13,000 students, more than 3,300 employees and approximately 150,000 alumni. More than 65% of Pace alumni live in the New York metropolitan area.
- In New York City, 9,300 students and 1,800 employees live, study and/or work in Lower Manhattan.
- Over the past five years, Pace has invested $485 million in revitalizing its campuses, which added 5,500 jobs to the New York metropolitan area. Of that, $192 million went into its Lower Manhattan campus.
- With a strong history of volunteerism, Pace students in New York City contribute 39,000 volunteer hours to local organizations every year.
- Pace students are fueling area businesses and nonprofits with over 7,000 students completing internships, co-ops, practicums, field experiences, and clinicals each year. These often lead to full-time jobs. The top employers of Pace graduates are: AT&T, J.P. Morgan Chase, NBCUniversal, NYS Department of Education, NewYork-Presbyterian Hospital, Northwell Health, and Verizon.
For over 100 years, Pace has been preparing its diverse student body for a lifetime of professional success. To read more about the economic impact of Pace University and the methodology of the study, visit the report’s website.
“This study shows what we’ve all known, that Pace University is an institution from which all New Yorkers benefit,” said Manhattan Borough President Gale A. Brewer.
"This study reinforces what we have long-known: institutions like Pace University are vital to New York City's strong economy," said Jessica Walker, President and CEO of the Manhattan Chamber of Commerce. "In particular, Pace University's continuous investment in its campuses and the surrounding communities has created thousands of quality jobs, prepared students of all backgrounds for careers and economic advancement, and helped businesses secure the top talent they need to thrive."
"This study demonstrates that Pace not only enriches our minds and culture, they enrich our economy," said Jessica Lappin, president of the Alliance for Downtown New York.
“There’s no doubt that Pace has a major economic impact on our community, but more than that, they are part of the fabric of our community and city at large.” Stated Anthony Notaro, Chairperson, Community Board 1. “Pace as an institution, coupled with their growing number of students and alumni who live and work in the area, make lower Manhattan what it is and all it can be in the future.”
About Pace University
Pace University has a proud history of preparing its diverse student body for a lifetime of professional success as a result of its unique program that combines rigorous academics and real-world experiences. Pace is ranked the #1 private, four-year college in the nation for upward economic mobility by Harvard University’s Opportunity Insights, evidence of the transformative education the University provides. From its beginnings as an accounting school in 1906, Pace has grown to three campuses, enrolling 13,000 students in bachelor’s, master’s, and doctoral programs in more than 150 majors and programs, across a range of disciplines: arts, sciences, business, health care, technology, law, education, and more. The university also has one of the most competitive performing arts programs in the country. Pace has a signature, newly renovated campus in New York City, located in the heart of vibrant Lower Manhattan, next to Wall Street and City Hall, and two campuses in Westchester County, New York: a 200-acre picturesque Pleasantville Campus and a Law School in White Plains. http://www.pace.edu. Follow us on Twitter at @PaceUnews or on our website: http://www.pace.edu/news
Marie Boster, Pace University, http://www.pace.edu, 212-346-1152, [email protected]
Share this article