Higher Education in New York City: A Growing Sector with Challenges
This September, Vanderbilt University signed a 99-year lease for 13 buildings in Chelsea, planning to create a third major center for the Nashville-based school. Boston-based Northeastern University is also expanding its presence in New York City, absorbing Marymount College to establish an outpost in the city.
Growing Presence of Higher Education Institutions
The city is in talks with a dozen colleges who are either hoping to emulate Vanderbilt and Northeastern by establishing a beachhead or expand their current foothold, according to Andrew Kimball, president of the city’s Economic Development Corporation. The expanding higher education sector’s economic impact on the city is underappreciated, according to a study being released Monday by the EDC.
Economic Impact of Higher Education
The EDC report counts more than 140,000 higher ed workers across more than 100 institutions, which collectively generate $35 billion in economic activity for the city each year. "We should be shouting from the mountain tops the importance of the sector and doing everything we can to grow it," said Kimball.
Challenges Facing Higher Education
However, the report comes as a fraught time for higher education. President-elect Donald Trump and the Republicans in Congress have become increasingly hostile to higher education, which they say has become bastions of left-wing activism and threatened to curtail federal aid to those schools.
Diversity in Higher Education
College and university employment is also more diverse than in other sectors like finance and tech. About 40% of jobs are held by professors and other educators with advanced degrees. They have a median wage of $126,900 annually. Other higher ed workers occupy a range of jobs, including security, food services, tech support, finance, and administration, many of which do not require a college degree.
CUNY’s Role in the City
CUNY accounts for about half the students in the city. Its population is the most diverse, and the university is a crucial source of jobs in the boroughs outside Manhattan, notes Chancellor Félix V. Matos Rodríguez. "We are the engine for the local talent to excel and contribute to the life of the city," he said.
Vanderbilt’s New York Campus
Vanderbilt’s decision to build a NYC campus stems from the city’s reputation as a magnet for talent and its strength in industries ranging from media to technology to finance to the arts. "We are really excited about those opportunities and the way they will complement Nashville, not compete with it," said C. Cybele Raver, the school’s provost.
Conclusion
The growth of higher education in New York City is a significant development for the city’s economy. While there are challenges facing the sector, the potential benefits of a thriving higher education sector are undeniable. As the city continues to evolve, it is essential to support and grow this sector to ensure its continued success.
FAQs
Q: What is the economic impact of higher education on the city?
A: The EDC report counts more than 140,000 higher ed workers across more than 100 institutions, which collectively generate $35 billion in economic activity for the city each year.
Q: What are the challenges facing higher education?
A: The report comes as a fraught time for higher education, with President-elect Donald Trump and the Republicans in Congress becoming increasingly hostile to higher education.
Q: What is CUNY’s role in the city?
A: CUNY accounts for about half the students in the city, and its population is the most diverse. The university is a crucial source of jobs in the boroughs outside Manhattan.
Q: What is Vanderbilt’s plan for its new NYC campus?
A: Vanderbilt is still working out the costs involved, but the Chelsea campus, now home to the General Theological Seminary, needs more than $30 million in deferred maintenance.
