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The Economic Impact of New York University

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The Economic Impact of New York University The Economic Impact of New York University Final Report January 14, 2015 NYU as an enterprise With revenues of more than $2.6 billion in fiscal year 2013, New York University1 is a major enterprise in its own right – a major employer and a generator of jobs in New York City through its purchases of goods and services and its investments in University facilities. NYU as an employer In the fall of 2012, NYU’s Washington Square Campus and NYU Polytechnic School of Engineering (School of Engineering) employed 15,775 people, including 9,367 full-time and 6,408 part-time employees. In addition to the University’s regular full- and part-time employees, 5,305 student workers were employed by NYU in the fall of 2012. In fiscal year 2013, salaries and wages paid to NYU employees (including students) totaled nearly $987.4 million. As shown in Figure 1, University employment grew by 12.4 percent between fall 2008 and fall 2012. Figure 1: Full- and part-time employment at NYU, fall 2008 – fall 2012 16,000 15,775 15,500 15,074 15,000 14,500 14,338 14,034 14,000 13,641 13,500 13,000 12,500 2008 2009 2010 2011 2012 1 New York University can be defined as consisting of three major units: the Washington Square campus, the NYU Langone Medical Center, and NYU Polytechnic School of Engineering. The Washington Square campus includes most of the University’s undergraduate, graduate and professional schools, as well as the School of Professional Studies. The Medical Center includes three hospitals – Tisch Hospital, the Rusk Institute for Rehabilitation and the Hospital for Joint Diseases – as well as the NYU School of Medicine; and NYU Polytechnic School of Engineering, based in Brooklyn, is the University’s engineering school. This preliminary report focuses on the combined impact of the Washington Square campus and NYU Polytechnic School of Engineering, but does not include the impact of NYU Langone Medical Center. FINAL REPORT 1 Appleseed As shown in Figure 2, faculty (including temporary adjunct faculty) and non-faculty research staff account for 57.2 percent of total non-student University employment. Administrators and other professionals account for 22.0 percent of the total, and clerical/technical and support staff account for 13.6 percent. Figure 2: Full- and part-time employment at NYU by occupational category, fall 2012 Support Staff, Temporary, Clerical/ 606, 1,123, Technical, 4% 7% 1,543, 10% Other Professionals, 127, 1% Faculty, Non-Faculty 8,041, Research Staff, 51% 985, Administrators, 6% 3,350, 21% About 84 percent of all NYU employees live in New York State. As Figure 3 shows, 80.7 percent (12,736 employees) of NYU employees (excluding students) lived in New York City during the fall of 2012. An additional 518 (3.3 percent) lived elsewhere in New York State. FINAL REPORT 2 Appleseed Figure 3: Full- and part-time NYU employment by place of residence, fall 2012 Other NY State, 518, 3% Outside NY State, 2,521, 16% NYC, 12,736, 81% The impact of purchasing and construction In addition to its role as a major employer, NYU contributes to the vitality of New York City’s economy through its purchases of goods and services and its investments in University facilities. Purchases of goods and services In fiscal year 2013, NYU spent nearly $393.4 million on the purchases of goods and services (excluding construction). Of this total (as shown in Figure 4): More than $159.8 million was paid to businesses located in Manhattan; More than $12.3 million was paid to businesses located in Brooklyn; $27.2 million was paid to businesses located elsewhere in New York City; and Nearly $148.3 million was paid to businesses located elsewhere in New York State. FINAL REPORT 3 Appleseed Figure 4: NYU purchasing by location of vendor, FY 2013 (in $ millions) Outside NY State, $148.3, Manhattan, 38% $159.8, 40% Other NYC, $45.7, Other NY State, 12% Brooklyn, $27.2, $12.3, 7% 3% Leading categories of goods and services purchased from companies located in New York City include utilities, building maintenance and janitorial services, architectural and engineering services, consulting services, advertising, office supplies, laboratory supplies and computer equipment. Using the IMPLAN input-output modeling system – a tool of economic analysis commonly used in economic impact studies – we estimate that in fiscal year 2013, NYU’s purchases of goods and services from Manhattan businesses directly supported 942 full-time-equivalent (FTE) jobs in Manhattan, and purchases of goods and services from Brooklyn businesses directly supported 79 FTE jobs in Brooklyn. Citywide (including Manhattan and Brooklyn), NYU’s spending on goods and services from New York City businesses directly supported 1,354 FTE jobs in the City in fiscal year 2013. NYU’s spending on goods and services from businesses located elsewhere in New York State directly supported an additional 101 FTE jobs in New York State in fiscal year 2013. FINAL REPORT 4 Appleseed Construction In fiscal year 2013, NYU spent more than $250.1 million on new construction and renovation of Washington Square and School of Engineering campus facilities. Of this total (as shown in Figure 5): More than $168.8 million (67.5 percent) was paid to contractors based in Manhattan; Nearly $2.3 (1.0 percent) million was paid to contractors in Brooklyn; $14.7 million (5.9 percent) was paid to contractors located elsewhere in New York City; and Nearly $11.0 million (4.4 percent) to contractors located elsewhere in New York State. Figure 5: NYU construction spending by location of contractor, FY 2013 (in $ millions) Outside NY State, $53.4, Other NY State, 21% $11.0, 4% Other NYC, Manhattan, $14.7, $168.8, 6% Brooklyn, 68% $2.3, 1% We estimate that in fiscal year 2013, NYU’s spending on construction directly supported 856 FTE jobs with contractors in Manhattan and 15 FTE jobs with contractors in Brooklyn. Citywide (including Manhattan and Brooklyn), NYU’s payments to New York City companies in construction and related industries directly supported 1,009 FTE jobs in New York City in fiscal year 2013. NYU’s payments to contractors located elsewhere in New York State directly supported an additional 62 FTE jobs in New York State in fiscal year 2013. FINAL REPORT 5 Appleseed Indirect and induced effects The jobs and economic activity supported by NYU’s spending for payroll, purchasing, and construction go beyond the direct impacts cited above. Some of the money that the University pays to its suppliers and contractors in New York is used to buy goods and services from other local companies; and the latter companies in turn buy goods and services from other local businesses. NYU employees, and the employees of its suppliers and contractors, similarly use part of their earnings to buy a wide variety of goods and services – housing, utilities, food, transportation, personal services and other items – from local businesses; and the employees of those businesses do the same. Using the IMPLAN input-output modeling system, we can measure these indirect and induced (or “multiplier”) effects of NYU spending. We estimate that through these effects, in fiscal year 2013, NYU spending on payroll, purchasing and construction indirectly accounted for: 4,030 FTE jobs in New York City; Nearly $276.5 million in wages and salaries; and More than $777.8 million in City-wide economic output. Statewide (including New York City), NYU spending indirectly accounted for: 4,306 FTE jobs in New York State; Nearly $293.7 million in wages and salaries; and Nearly $828.3 million in State-wide economic output. The indirect and induced impacts on NYU spending in New York City and New York State cited above include the impacts of NYU purchases of goods and services (discussed previously) from suppliers and contractors in Manhattan and Brooklyn. To further highlight the impact of NYU’s spending at the borough level, the indirect and induced effects of these expenditures can also be broken out separately. In fiscal year 2013, NYU spending on purchasing and construction indirectly accounted for: 524 FTE jobs in Manhattan; Nearly $44.9 million in wages and salaries; and More than $115.5 million in economic output in Manhattan. In Brooklyn, NYU spending on purchasing and construction indirectly accounted for: 43 FTE jobs in Brooklyn; $2.3 million in wages and salaries; and Nearly $7.1 million in economic output in Brooklyn. FINAL REPORT 6 Appleseed Direct, indirect and induced effects of NYU spending Taking into account NYU’s employment and payroll, the direct impact of NYU’s spending on purchasing and construction from local vendors and contractors, and the indirect and induced impact of NYU’s spending on payroll, purchasing and construction, we estimate that (as shown in Table 1) University spending in fiscal year 2013 directly and indirectly accounted for: 22,168 FTE jobs in New York City; More than $1.4 billion in wages and salaries; and Nearly $2.2 billion in City-wide economic output. Statewide (including New York City), NYU spending directly and indirectly accounted for (as shown in Table 1): 22,607 FTE jobs in New York State; Nearly $1.5 billion in wages and salaries; and $2.2 billion in State-wide economic output. Table 1: Direct, indirect and induced impact of NYU spending in New York City and New York State, FY 2013 (jobs in FTE, wages and output in $000’s) New York City New York State Jobs Wages Output Jobs Wages Output Direct spending impact Payroll 15,775 $987,383.5 $987,383.5 15,775 $987,383.5 $987,383.5 Purchasing/construction 2,363
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