NYU is a top driver of New York’s local and regional economy. The University:
- is one of New York City’s largest employers
- accelerates economic activity through business development and technological innovations
- contributes financial assistance and volunteer aid to hundreds of nonprofit organizations
- attracts tens of thousands of students, scholars, and visitors to NYC
- generates billions of dollars of state and city tax revenue
- supports countless vendors and contractors through direct procurements and indirect spending multipliers
Report: NYU's Economic Impact Profile
NYU commissioned a survey of economic impact profile, using data from 2014 (the year with the most complete data available at the time of the study). Explore highlights below or read the full report: "The Economic Impact of New York University"
- NYU employs more than 15,775 full time and part time non-student employees, making it one of the City’s largest private employers. Employment at NYU grew by 12.4% between 2008 and 2012.
- 81% of NYU employees reside in New York City, and in 2013, salaries and wages paid to NYU employees totaled nearly $987.4 million.
- In 2013, the University spent more than $250.1 million on construction and renovation, and $393.4 million on goods and services, directly supporting more than 1,354 full time equivalent (FTE) New York City jobs.
- Additionally, off-campus spending by NYU students in 2013 directly supported more than 4,275 FTE jobs in local retail, housing, hospitality, restaurants, and entertainment.
- These direct impacts have an indirect (or “multiplier”) effect, accounting for more than $2.9 billion in economic output and more than 26,443 jobs in New York City in 2013.
- Research spending at NYU’s Washington Square campus totaled $138.8 million in 2013, up 52.6% since 2009. Federal funding and grants finance nearly three-quarters of this research.
- NYU directly accounted for nearly $48.5 million in New York State taxes and 26.6 million in New York City taxes and fees - a total of nearly $75.1 million in City and State government revenues.
- Approximately 19% of NYU’s undergraduate students come from outside New York State, and about half stay here after graduating. As of 2013, 52% of NYU alumni are New York City residents, with another 1% residing elsewhere in the state.
- Technologies invented at NYU generate new economic activity. Between 2009 and 2013, NYU licensed 59 original technologies to companies for commercial uses, and assisted in the creation of 19 start-up companies.
- Approximately 900 NYU students each contribute 10-12 hours per week as tutors in public school classrooms. They are compensated through federal work study grants. Many are part of the NYU America Reads / America Counts program -- the nation’s largest.
- Approximately 13,000 NYU students engage in community service annually, providing an estimated 1.3 million hours of volunteer effort to nonprofit organizations – the equivalent of 700 full-time community service jobs.
Start Up NY Program at NYU
NYU's Incubator programs have been designated as tax-free areas through the New York State program called Start Up NY which provides tax benefits to companies who create new jobs annually. Businesses that are accepted into NYU's incubators can apply to the Start Up NY program. Please note that a company must first be accepted into NYU's incubators before seeking acceptance into the Start Up NY program at NYU.
If you are interested in applying for this program, please review NYU's Campus Plan and Conflict of Interest Policy prior to submitting an application. Applications are reviewed on a rolling basis as space becomes available in our incubators.
You can apply here and select the incubator you're interested in. A staff member from the incubator will contact you in the coming weeks if we are interested in continuing the application process with your company. Once you are close to acceptance at the incubator, we can begin the process of applying through New York State for Start Up NY, which is a separate application process to the one above.
A few things to keep in mind for Start Up NY:
1.) It's a 10-year program, but the maximum you can be in NYU's Tax-Free Area is 2 years. Afterwards, you will need to find another Start Up NY Tax Free Area outside NYU in order to keep your benefits. You can view additional spaces in the program on the Start Up NY website.
2.) You have to be creating new jobs each year, and they have to be a majority "High Tech" jobs, such as developers and engineers.
3.) Current employees of your company will not be eligible for benefits. It will only be for new employees you hire, and they are not eligible until they have been with the company for six months.
4.) You have to either be:
a - "in the development of high technology", meaning developing some kind of proprietary technology that you are working on in the tax-free area, or
b - "in the formative stage of development", which the State defines as being i. in the testing or market evaluation phase of your product, ii. raised less than $1 million in equity capital, iii. not a publicly traded entity, iv. not receiving profits from sales, and v. have been formed or incorporated for five years or less.
5.) If you are accepted into the incubator, you cannot physically locate there until you are accepted into Start Up NY. This can take an additional 3-4 months after acceptance into the incubator.
6.) After you are accepted into Start Up NY, you must then physically locate into the incubator to receive tax benefits. You cannot operate in a separate space, even if it is adjacent to the University. The only designated Start Up NY spaces are at our three incubators.