Economic Impact Study Reveals that Stony Brook University’s Economic Impact on Long Island Rises 24% to $8.93 Billion

Stony Brook, NY - November 1, 2024 - An economic impact study entitled, "The Impact of Stony Brook University," recently demonstrated the continued effects Stony Brook University has had on the regional and global economy.

The report highlights several key figures, including that Stony Brook University has contributed $8.93 billion in increased output to the Long Island economy and $3.42 billion in earnings, accounting for more than three percent of all economic activity in Nassau and Suffolk Counties. In addition, the University supports just over 55,000 jobs, making up eight percent of total jobs in Suffolk County.

Compiled by Stony Brook professor of Economics and Population, John A. Rizzo, PhD, the study reviews Stony Brook's impact on the Long Island economy, jobs, and workers' earnings. This is the second economic impact study conducted by Professor Rizzo, the last one done in 2019, outlining Stony Brook University again as Long Island's largest single-site employer.

"This study confirms that Stony Brook's economic impacts are far-ranging," said John A. Rizzo, an economist and Stony Brook University professor. "From increasing the productivity of its students through graduate and undergraduate education, to providing economic benefits to businesses and workers throughout Long Island."

In addition to its direct impact, Stony Brook has had residual effects on the regional economy with the economic contribution of students' dollars entering the economy through the purchase of off-campus meals, entertainment, retail purchases, and other expenditures. It is estimated that students and their families spent an additional $288.2 million in direct expenses, a 21% increase from 2016. These expenditures increased economic output by $374.6 million, raised earnings by $100.6 million, and supported 2,547 jobs.

Further, the report outlines Stony Brook University's impact on the global economy. Through a method called the Regional Input-Output Modeling System (RIMS II), Rizzo estimates alumni have contributed annual earnings of $27.73 billion over the past 40 years. This translates to an aggregate economic output of $36.1 billion worldwide, supporting an impressive 245,153 jobs.

Read more about the economic impact of Stony Brook University by visiting https://www.stonybrook.edu/about/economic-impact/

Learn about companies that got their start with the Department of Economic Development here.

Caption: Stony Brook University

Photo Credit: John Griffin/Stony Brook University

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About Stony Brook University

Stony Brook University is New York's flagship university and No. 1 public university. It is part of the State University of New York (SUNY) system. With over 26,000 students, more than 3,000 faculty members, more than 220,000 alumni, a premier academic healthcare system and 18 NCAA Division I athletic programs, Stony Brook is a research-intensive distinguished center of innovation dedicated to addressing the world's biggest challenges. The university embraces its mission to provide comprehensive undergraduate, graduate and professional education of the highest quality, and is ranked as the #58 overall university and #26 among public universities in the nation by U.S. News & World Report's Best Colleges listing. Fostering a commitment to academic research and intellectual endeavors, Stony Brook's membership in the Association of American Universities (AAU) places it among the top 71 research institutions in North America. The university's distinguished faculty have earned esteemed awards such as the Nobel Prize, Pulitzer Prize, Indianapolis Prize for animal conservation, Abel Prize and the Breakthrough Prize in Mathematics. Stony Brook has the responsibility of co-managing Brookhaven National Laboratory for the U.S. Department of Energy - one of only eight universities with a role in running a national laboratory. In 2023, Stony Brook was named the anchor institution for The New York Climate Exchange on Governors Island in New York City. Providing economic growth for neighboring communities and the wider geographic region, the university totals an impressive $8.93 billion in increased economic output on Long Island. Follow us on Facebook https://www.facebook.com/stonybrooku/ and X@stonybrooku.