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
The report demonstrates the institution’s vast economic influence on the regional and global economy. In addition to the $7.23 billion in increased output, the analysis highlights $2.39 billion in earnings and 54,637 local jobs. Also, 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.