For an economic boost, New York should look to private colleges

The debate surrounding the value of higher education has been long examined by both critics and supporters. From politicians to students, parents to educators – everyone has a differing opinion. Whether it is a campus with 40,000 students or one serving only a few hundred, every institution of higher learning provides value that extends beyond the classroom. In particular, if you want to spur New York’s economy, you should look to the state’s private colleges. These institutions are educating the next generation, powering the economy, creating jobs and advancing research.

There are more than 100 private, not-for-profit colleges and universities in New York state collectively educating more than 491,000 undergraduate and graduate students. While the primary role of these institutions is to educate and create opportunity for our future leaders, so much more is happening on these campuses. They are home to exceptional educators and researchers from around the world. They are driving our economy, creating opportunity and connecting with and contributing to their neighbors and communities. New York’s private colleges and universities award 51 percent of bachelor’s, 72 percent of master’s and 79 percent of doctoral and professional degrees earned in the state.

What may not be well known to many is that private, not-for-profit colleges and universities are one of New York’s strongest economic engines. In 2013, the statewide economic impact of New York’s private colleges and universities totaled $74.3 billion, with student and visitor spending totaling an estimated $4.5 billion. The nearly 400,000 individuals employed directly and indirectly on and by these institutions support local economies through their spending on goods and services and contribute $415 million in state and local sales taxes.

Independent colleges and universities are resourceful, imaginative and enterprising. In New York, these campuses provide advantages that help develop the very best leaders to move new ideas and innovations forward. The investment in research and science produces the next generation of inventions and medical breakthroughs that save lives and improve quality of life for all. Private, not-for-profit colleges and universities are at the forefront of innovation. The result is a surge in new ideas, entrepreneurship programs, social and business incubators, and technology transfer in partnerships formed between private and public-sector organizations. These institutions are powerhouses of research and development in the state, with 96 percent of all higher education R&D coming from just 20 colleges and universities, 11 of which are within the private sector of higher education in the state.  

New York state’s private, not-for-profit colleges and universities remain a strong and committed partner of this state and support efforts to ensure New York’s place as one of the leading destinations for students, faculty and researchers leading to the fostering of new ideas, the creation of new cutting-edge knowledge, the spurring of business development and improvement of the lives of all New Yorkers. This is invaluable.

Laura L. Anglin is the president of The Commission on Independent Colleges and Universities (CICU) in New York. CICU represents the chief executives of New York's 100+ independent (private, not-for-profit) colleges and universities on issues of public policy.