Downtown Brooklyn Colleges Bring Billions to Local Economy, Report Finds
Downtown Brooklyn, a college town? According to a study conducted by the Downtown Brooklyn Partnership, the neighborhood’s economic flow has been significantly bolstered by activity from its nine higher education institutions. The nine schools, which are densely packed into the neighborhood, include Pratt Institute, Brooklyn Law School, St. Francis College, and NYU, among others. Carnegie Mellon will bring…
Downtown Brooklyn, a college town?
According to a study conducted by the Downtown Brooklyn Partnership, the neighborhood’s economic flow has been significantly bolstered by activity from its nine higher education institutions.
The nine schools, which are densely packed into the neighborhood, include Pratt Institute, Brooklyn Law School, St. Francis College, and NYU, among others. Carnegie Mellon will bring that number to 10 once it has completed its expansion to the Navy Yard next fall. NYU is planning to further expand into the modernist building at 370 Jay Street.
In 2013 alone, the roughly 60,000 students in attendance at the colleges and graduate programs downtown generated nearly $3 billion in economic activity for the area. The largest portion of the sum came from a calculated $1 billion in labor compensation — a.k.a. jobs — according to the study’s findings.
Other key economic inputs from students were financial aid, construction, state and local sales tax revenue, and money spent by students and their families at Fulton Mall and other local businesses.
The study’s major findings are available in this PDF infographic.
The study was conducted in conjunction with the New York City Office of Workforce Development and the Brooklyn Education Innovation Network (BE.IN), an alliance of higher education institutions announced by Mayor de Blasio in 2014. BE.IN is currently working on building a hiring pipeline between Downtown Brooklyn startup firms and local colleges.
[Photos: Downtown Brooklyn Partnership]
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This is exactly why the Brooklyn Public Library to downsize, shrink and put the Heights branch underground is just plain wrong and backward thinking. Also with all these students here why would they think moving the Business and Career library to Grand Army Plaza makes any sense. The Brooklyn Public library is functioning not as a library system that is part of a community but as a real estate finder agency.. creating real estate deals to make developers millions of dollars.. shame on them
This is exactly why the Brooklyn Public Library to downsize, shrink and put the Heights branch underground is just plain wrong and backward thinking. Also with all these students here why would they think moving the Business and Career library to Grand Army Plaza makes any sense. The Brooklyn Public library is functioning not as a library system that is part of a community but as a real estate finder agency.. creating real estate deals to make developers millions of dollars.. shame on them