Downtown Brooklyn Colleges Bring Billions to Local Economy, Report Finds

    by
    3

    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.

    Downtown Brooklyn Economic Flow

    [Photos: Downtown Brooklyn Partnership]

    Related Stories
    Downtown Brooklyn-NYU Deal: Victory Lap Edition
    Flatbush Avenue: The Rising of Downtown Brooklyn
    Kushner Transforms Brooklyn Heights Law School Dorms Into Rentals

    What's Happening