NYC’s Growing Higher Ed Sector Contributes $35 Billion a Year to City Economy, Study Finds

This September, Vanderbilt University signed a 99-year lease for 13 buildings in Chelsea where it plans to create a third major center for the Nashville-based school, which ranks as one of the best universities in the country. Boston-based Northeastern University is absorbing Marymount College to establish an outpost in New York City, its 14^th campus. Northeastern says it wants to be in the city because it is the nation’s financial capital and boasts a strong tech sector. Both industries are seeking college graduates who need advanced training to further their careers. Meanwhile, the city is in talks with a dozen colleges who are either hoping to emulate Vanderbilt and Northeastern by establishing a beachhead or expand their current foothold, according to Andrew Kimball, president of the city’s Economic Development Corporation. The expanding higher education sector’s economic impact on the city is under appreciated, according to a study being released Monday by the EDC. The agency counts more than 140,000 higher ed workers across more than 100 institutions, which collectively generate $35 billion in economic activity for the city each year.