Cornell Tech’s economic impact on NYC to double by 2030

A new analysis finds that Cornell Tech, its alumni and its 115 startups achieved $768 million in total economic impact and supported 2,800 jobs in New York City in the 2023-24 fiscal year.

According to the report, from economic development firm HR&A Advisors, Cornell Tech is projected to generate $1.5 billion in annual economic impact while supporting 7,000 jobs by 2030, affirming its reputation as the most effective economic development project undertaken by city government in recent decades.

"New York City has been a consistent draw for ambitious and intelligent people from around the world," said Greg Morrisett, the Jack and Rilla Neafsey Dean and Vice Provost of Cornell Tech. "Cornell Tech has created a novel academic and entrepreneurial environment that brings new tech talent to the city who go on to become industry leaders and builders who are driving our city's workforce and technology industry.

"This report not only highlights the significant contributions that Cornell Tech has made to our local economy," he said, "but also emphasizes how our growing alumni network will lead innovation in emerging technology and artificial intelligence for years to come."

In its report, HR&A said "the campus operates educational and entrepreneurial programs that attract world-class talent who remain in New York City after graduation to work in high-paying industries while creating thousands of new jobs for tech workers that contribute to the city's tech ecosystem."

Notable Cornell Tech-related startups include baby sleep monitor Nanit, real estate construction intelligence platform OnsiteIQ and infectious disease diagnostic Biota. As of 2023, companies in the health sector founded at Cornell Tech generated $97 million for the city, making up almost 50% of the total economic output from startups and helping New York City to surpass Silicon Valley as the leader in digital health startups.

The share of Cornell Tech companies founded by women (32%) and of funds raised that go to women-founded companies (23.5%) outperforms national and city averages.

In addition to spending activity, the report outlines the revenue and construction jobs generated by the creation of the Roosevelt Island campus itself, with Cornell Tech's construction to date and anticipated work expected to generate $1.1 billion in labor income and $2.4 billion in economic output by 2030.

"Cornell Tech has been a transformative force in growing New York City's economy by integrating academia with industry and attracting international talent while fostering groundbreaking innovation, generating thousands of high-quality jobs and contributing millions in economic output," said Andrew Kimball, president and CEO of the New York City Economic Development Corporation.

Cornell Tech's innovation ecosystem has had the effect of not only drawing future tech leaders to New York City, but also keeping them there.

Carmem Leticia da Maia Silva came from Brazil to earn a master's degree in law, technology and entrepreneurship. She now negotiates major IT agreements, provides critical legal guidance and ensures proper alignment with global corporate policies at management consulting firm McKinsey & Company.

"I've always been interested in the interplay between law and tech," da Maia Silva said. "What drew me to Cornell Tech was the opportunity to closely collaborate with executives and decision-makers from major companies. At Cornell Tech, I was able to work side-by-side with entrepreneurs driving the tech industry forward and apply those learnings to my study of real-world legal issues."

In all, 75% of the Cornell Tech students who move to New York City from elsewhere stay in the region. These alumni alone generated $390 million in annual economic output in fiscal year 2022-23, which is projected to grow to $956 million by 2030.

"As a graduate student, it quickly became clear that staying in New York City after graduation was a must," da Maia Silva said. "The tech and legal networks here are unrivaled when it comes to having an impact on a global scale - and Cornell Tech is at the center of it."

The full report can be accessed here.

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