Stony Brook Study Finds University’s Economic Impact
on LI Hits $8.93B

Stony Brook University contributed $8.93 billion to the Long Island economy in 2022, according to a study released last week that was compiled by the economist John Rizzo, a Stony Brook professor.  The university’s economic impact is up from $7.23 billion in 2019, the time of the last study.

The recent study found that the university saw $3.42 billion in earnings, and accounts for more than 3% of all economic activity in Nassau and Suffolk counties. In addition, the university supports just over 55,000 jobs, making up 8% of total jobs in Suffolk County.

This year marks the second study conducted by Rizzo, and highlights the university as the county’s largest single-site employer, according to a news release about the report.

“This study confirms that Stony Brook’s economic impacts are far-ranging,” Rizzo said in the news release. He added that the range included “increasing the productivity of its students through graduate and undergraduate education, to providing economic benefits to businesses and workers throughout Long Island.”

According to the report, university students and their families spent an additional $288.2 million in direct expenses, up 21% from 2016.  Their combined spending “increased economic output by $374.6 million, raised earnings by $100.6 million, and supported 2,547 jobs,” according to the news release.

The university posted a list of companies that got their start through Stony Brook University Economic Development’s Incubator System. Those companies include Renaissance Technologies, Softheon, Applied DNA Sciences and others.

 

View the Full List of Economic Development Incubator Companies