Fordham has long been a force of transformation for its students and its community, creating upward social mobility and opportunity for thousands each year. And now a new report shows the University and the work it carries out is a boon for the state economy as well.
According to the study conducted by the Commission on Independent Colleges and Universities (CICU), Fordham’s total economic impact in New York was nearly $1.5 billion in fiscal year 2022-2023. The majority of that impact—$1.3 billion—comes from the University’s investments in research, construction, technology, salaries, and other operating expenses, the report said. That figure also includes business-to-business spending, as well as estimated household spending by Fordham employees.
In addition, CICU estimates that Fordham students and their visitors infused the local economy with approximately $150 million through spending at local businesses during that time period.
Fordham is also supporting thousands of New York jobs across various sectors—ranging from faculty and staff, to groundskeepers, administrators, and vendors. In 2022, it issued 7,866 W2s and paid out $313,071,000 in wages and salaries in fiscal year 2022-23, the University confirmed.
A ‘Huge Economic Engine’
According to Tokumbo Shobowale, Fordham’s chief financial officer, senior vice president, and treasurer, the University’s $1.5 billion impact comes as no surprise. “It was through my work as an economic development official for the City of New York that I came to appreciate the enormous financial benefit colleges and universities provide to our communities,” said Shobowale. “In short, Fordham is a huge economic engine, pumping money and talent into the surrounding economy.”
University President Tania Tetlow echoed his comments.
“The University’s true impact is impossible to quantify, from the connections made here that may grow into a business partnership, to the highly skilled workers who lay the foundations for their careers at Fordham. But in all the ways that can be quantified, the report shows Fordham’s economic impact is significant,” Tetlow said.
CICU produces a biennial economic impact report to highlight the positive economic impact of New York’s independent colleges and universities. The organization draws its data from the Integrated Postsecondary Education Data System, and uses multipliers to extrapolate student spending estimates based on total headcount enrollment.
