Cornell Tech Impact Study
Cornell Tech
HR&A conducted a comprehensive economic and fiscal impact analysis for Cornell Tech, quantifying the institution’s contributions to New York City’s economy through campus construction, operations, student spending, and startup activity. The analysis showed that Cornell Tech generated $768 million in total economic impact and supported 2,800 jobs in FY 2022-2023, with projections showing growth to $1.5 billion in economic impact and 7,000 jobs by 2030, establishing the institution as one of the city’s most effective economic development investments.
Cornell Tech needed rigorous quantitative analysis to demonstrate its role in strengthening New York City’s position as a global technology hub and to document the return on the city’s investment in the Roosevelt Island campus. The analysis examined both historical impacts from the institution’s founding through FY 2022-2023 and projected future impacts through FY 2029-2030, accounting for planned campus expansion and anticipated growth in student enrollment and startup activity.
HR&A’s analysis revealed how the institution’s educational and entrepreneurial programs attract world-class talent who remain in New York City after graduation. The study found that 75% of Cornell Tech students relocate to New York City for the program, creating mostly net-new economic activity, with 1,000 alumni already working in the city and generating $390 million in annual economic output. Additionally, HR&A documented that Cornell Tech students and alumni founded nearly 80 startups, with the share of women-founded companies outperforming the national average. These findings provide Cornell Tech and city leadership with concrete evidence of the institution’s transformative impact on New York City’s technology ecosystem and economic competitiveness and the potential future benefit of Cornell Tech’s continued expansion.
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