New York City is witnessing a surge in higher education, with several prominent universities planning to establish or expand their presence in the city. Vanderbilt University has signed a 99-year lease for 13 buildings in Chelsea, aiming to create a third major center, while Northeastern University is absorbing Marymount College to establish its 14th campus.
The expansion of the higher education sector in NYC is expected to have a significant economic impact on the city, with over 140,000 higher ed workers generating $35 billion in economic activity annually. The sector’s importance cannot be overstated, and its growth will continue despite the increasing hostility towards higher education from President-elect Donald Trump and the Republicans in Congress.
The Bloomberg Administration had made higher education a priority, launching a competition that led to the establishment of Cornell Tech, a rapidly growing graduate engineering school on Roosevelt Island. CUNY, which accounts for about half of the city’s students, is expected to benefit from the expansion, as its diverse student population and job opportunities make it an attractive hub for local talent.
However, concerns have been raised about the tax implications of the universities’ real estate holdings, with estimates suggesting that instituting a payment in lieu of taxes could raise $345 to $690 million annually. Chancellor Félix V. Matos Rodríguez of CUNY has dismissed the idea of taxing universities, instead emphasizing the potential benefits of workforce training programs.
As the economy continues to change, students are increasingly focused on science, technologies, engineering, and math (STEM) fields, with degrees in these areas increasing by 42% from 2013 to 2023. The median wage for college graduates is $126,900 annually, making higher education employment a desirable career path.
Despite the challenges ahead, officials remain optimistic about the future of higher education in NYC, citing its reputation as a magnet for talent and its strength in various industries. With the city’s diverse population and thriving economy, it is clear that higher education will continue to play a vital role in shaping the city’s future.
Source: https://www.thecity.nyc/2024/11/25/higher-education-sector-jobs