Economic Impact Study Shows Stony Brook University's Economic Impact on Long Island Increases 24% to $8.93 Billion

Stony Brook, NY – November 1, 2024 – An economic impact study entitled “The Impact of Stony Brook University” recently demonstrated Stony Brook University's ongoing impact on the regional and global economy.

The report highlights several key metrics, including that Stony Brook University contributed $8.93 billion in increased manufacturing to Long Island's economy and $3.42 billion in revenue, representing more than three percent of total economic activity in Nassau and Suffolk counties. Additionally, the university supports just over 55,000 jobs, representing eight percent of all jobs in Suffolk County.

The study, compiled by Stony Brook Professor of Economics and Population John A. Rizzo, PhD, examines Stony Brook's impact on Long Island's economy, jobs and worker incomes. This is the second economic impact study conducted by Professor Rizzo, the most recent in 2019, to again list Stony Brook University as the largest single-site employer on Long Island.

“This study confirms that the economic impact of Stony Brook is far-reaching,” said John A. Rizzo, an economist and professor at Stony Brook University. “From increasing the productivity of its students through graduate and undergraduate education to providing economic benefits to businesses and workers across Long Island.”

In addition to its direct impact, Stony Brook had a lasting impact on the regional economy as student money entered the economy through the purchase of off-campus meals, entertainment, retail purchases and other spending. It is estimated that students and their families spent an additional $288.2 million on direct expenses, a 21% increase from 2016. This spending increased economic output by $374.6 million, increased revenues by $100.6 million and supported 2,547 jobs.

Additionally, the report outlines Stony Brook University's impact on the global economy. Using a method called the Regional Input-Output Modeling System (RIMS II), Rizzo estimates that alumni have contributed $27.73 billion in annual earnings over the past 40 years. This equates to $36.1 billion in total global economic output and supports an impressive 245,153 jobs.

Read more about Stony Brook University's economic impact at https://www.stonybrook.edu/about/economic-impact/

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

Photo 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 the No. 1 public university. It is part of the State University of New York (SUNY) system. With more than 26,000 students, more than 3,000 faculty members, more than 220,000 alumni, a world-class academic health system and 18 NCAA Division I athletic programs, Stony Brook is a research-intensive, respected innovation center dedicated to tackling the world's greatest challenges. Pursuing its mission to provide comprehensive undergraduate, graduate and professional education of the highest quality, the university is ranked by the university as No. 58 overall and No. 26 among public universities in the country US News and World ReportList of the best universities. Stony Brook promotes its commitment to academic research and intellectual endeavors and is ranked among the top 71 research institutions in North America thanks to its membership in the Association of American Universities (AAU). The University's outstanding faculty have received prestigious awards such as the Nobel Prize, the Pulitzer Prize, the Indianapolis Prize for Animal Welfare, the Abel Prize, and the Breakthrough Prize in Mathematics. Stony Brook is responsible for co-managing Brookhaven National Laboratory for the U.S. Department of Energy – one of only eight universities involved in leading a national laboratory. In 2023, Stony Brook was named the anchor institution of the New York Climate Exchange on Governors Island in New York City. The university drives economic growth in neighboring communities and the broader geographic region, generating an impressive $8.93 billion in economic output on Long Island. Follow us on Facebook https://www.facebook.com/stonybrooku/ and X@stonybrooku.