02.01.18 - LIA: Farmingdale State Revs A Strong Economic Engine
Smart money: Farmingdale State College has produced billions in regional domestic product over the last nine years, according to the Long Island Association.
"Higher education on Long Island may be dominated by Hofstra and Stony Brook Universities, but a relatively small SUNY school is proving to be the region’s little economic engine that could. A new and very detailed report compiled by Long Island Association Chief Economist John Rizzo pegs Farmingdale State College’s “economic impact” over the last nine years at $2.51 billion."
“Farmingdale is an engine of opportunity for its students and the region,” [College President John] Nader said Wednesday. “The investments we make in our students clearly yield great returns.” Put it all together, and Farmingdale State’s average annual economic output weighs in at better than $314 million, according to “Solving the Brain Drain,” with the college returning roughly $5 in economic output for every $1 invested by New York State between 2009 and 2017."
"That’s nearly as impressive as the 19,800 jobs the report credits the college with creating over those nine years, with a distinct emphasis on applied sciences and technology – fields of study that directly support the rising industries rapidly forming Long Island’s new economic spine. “As the report’s title indicated, we are addressing the ‘brain drain,’” Nader said. “Our students thrive here and contribute greatly to Long Island’s future.”"