Stony Brook University’s Economic Impact on Long Island Rises 24% to $8.93B

An economic impact study titled "The Impact of Stony Brook University" recently demonstrated the significant and continued effects Stony Brook University has had on the regional and global economies.

The report highlights several key figures, including that Stony Brook 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 John A. Rizzo, economist and SBU professor of economics and population, 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 Rizzo, the last one done in 2019, outlining Stony Brook again as Long Island's largest single-site employer.

"This study confirms that Stony Brook's economic impacts are far-ranging," Rizzo said. "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 and learn more about companies that got their start in Stony Brook University Economic Development's Incubator System.