New Report Quantifies Cornell Tech’s Role in Attracting Talent to New York City and Growing the City’s Tech Sector

Since its founding in 2012, Cornell Tech has played a crucial role in developing New York City’s tech talent, entrepreneurship, job creation, and fiscal prosperity. From launching more than 100 startups and educating thousands of new tech leaders to operating an 850,000-square-foot campus while planning future expansion, the energy coming out of the regional tech hub is undeniable. But what is its overall economic impact? A new analysis from economic development firm HR&A puts it into numbers – and they are massive.

In fiscal year 2022-2023, Cornell Tech, its alumni, and its startups based in New York City achieved $768 million in total economic impact and supported 2,800 jobs. And by 2030, Cornell Tech’s alumni and startups based in New York City are projected to generate $1.5 billion in annual economic impact while supporting 7,000 jobs, living up to its reputation as the single 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. 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,” said Greg Morrisett, the Jack and Rilla Neafsey Dean and Vice Provost of Cornell Tech. “This report not only highlights the significant contributions that Cornell Tech has made to our local economy, but also emphasizes how our growing alumni network will lead innovation in emerging technology and artificial intelligence for years to come.”

HR&A’s analysis quantified the projected spending and economic impact generated by Cornell Tech, its alumni, and the startups they create, finding that “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.”

Keep reading at tech.cornell.edu.