A new report from the New York State Comptroller highlights the significant economic contribution of the state’s higher education sector, even as it underscores the persistent challenges in post-pandemic job recovery. The report, released this week, found that colleges and universities generated a staggering $117 billion in economic activity in 2022, supporting over 700,000 jobs across the state.
“Higher education is a vital economic engine for New York,” stated Comptroller Thomas DiNapoli. “It provides a skilled workforce, drives innovation, and contributes to the vibrant communities across the state.” The report emphasizes the sector’s impact through research, development, and community engagement.
However, the report also reveals a concerning trend: the higher education sector, like many others, has struggled to fully recover from the pandemic’s economic fallout. While employment figures have shown some growth, the number of jobs in the sector remains below pre-pandemic levels. The report points to a number of factors contributing to this slow recovery, including ongoing budget constraints, competitive pressures, and shifts in student enrollment patterns.
The Comptroller’s report serves as a crucial reminder of the importance of supporting higher education, both for its immediate economic impact and its role in fostering long-term growth and prosperity. Addressing the challenges to job recovery in the sector is critical to ensuring New York’s continued economic vitality. The report calls for a collaborative effort between the state, institutions, and stakeholders to navigate these challenges and secure a bright future for higher education and the New York economy as a whole.
