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Economic Impact

As New York State's land grant university, Cornell applies university-based knowledge to practical benefits which in turn contribute to the State's economic prosperity.  "Cornell University, Economic Impact on New York State" assesses the scope of Cornell's economic contributions.

Economic Impact on New York State, March 2009 (PDF)

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Section I - Impact on the New York State Economy: Cornell University as an Enterprise

Highlights:

  • In fiscal year 2007 Cornell generated an economic impact in New York State of $3.317 billion, 8 percent more than in fiscal year 2005.
  • Despite the economic downturn and attendant fiscal impacts on the University's operating and capital budgets, Cornell continues to contribute materially to the State's overall economy and to the vitality of upstate New York.
  • Of Cornell's $3.317 billion impact in FY2007, $1.654 billion was in central New York, $1.319 billion was in New York City, and $344 million in the rest of the state.

Section II - Human Capital: Employees, Alumni and Students

Highlights:

  • Cornell's impact on the local economy in Tompkins County included more than 16,000 jobs and $1.1 billion in wages, through direct and indirect spending.  
  • The Ithaca campus purchased $533 million in goods and services in FY2007, one quarter ($128 million) in Tompkins County and $55 million in surrounding counties.  
  • Weill Cornell and other New York City operations supported more than 10,000 jobs and $1.3 billion in wages, through direct and indirect spending.  Weill purchased $202 million in goods and services in New York City.

Section III - Promoting Economic Development in New York State

Highlights:

  • Cornell expends more for research (nearly $660 million in FY 2007) than any other university in New York State and receives more competitive NSF funding than any university in the U.S. Ten New York State businesses licensed 22 Cornell technologies in 2007.  Cornell research produces new ideas and applications that drive an information-based economy, generating new businesses and jobs.  
  • Cornell generated $61.2 million in tax revenues for the state and $32.2 million for local government in FY2007.  Weill Cornell Medical College generated $44.2 million in tax payments to the state and $10.9 million to New York City government.  
  • Cornell Cooperative Extension (CCE), integral to fulfilling Cornell's land-grant mission, contributed $158 million in total economic impact on the state in FY 2007.  CCE, with offices serving 57 counties and New York City, puts knowledge to work by extending the results of university-based research for the practical benefit of the people of New York State.  CCE volunteers gave more than 1.14 million hours of service to important community efforts statewide.

Economic Impact on New York State, 2007 (PDF)

This document is also available by section: