New Report: Iona University Generates $254.9 Million Annual Economic Impact

Westchester County, N.Y. (January 2025) – Iona University contributed an impressive $254.9 million to New York State’s economy and supported 1,700 jobs both on campus and beyond, according to a new economic impact report from the Commission on Independent Colleges & Universities (CICU).

The findings underscore Iona’s pivotal role in the local and state economy, driven by a series of transformational campus improvements and strong enrollment growth. Since 2019, Iona has expanded its new student enrollment by over 40 percent, welcoming the largest incoming freshman class in over 20 years this past fall.

The biennial report, which reflects data from fiscal year 2022-23, further shows that independent colleges and universities contributed $97 billion to the state’s economy.

“Having a strong institution of higher education like Iona University at the heart of our community is essential to driving economic vitality,” said Iona University President Seamus Carey, Ph.D. “From creating jobs to equipping students with the skills they need to lead and innovate, Iona is making a measurable difference. A thriving higher education industry is not only critical to New York’s future, but is also a cornerstone of our shared success.”

BY THE NUMBERS
Iona’s economic impact includes $220.3 million in institutional spending, which includes salaries, construction, instruction, technology, research, and other operating expenses.

It also includes $34.7 in spending by students and visitors, which includes discretionary spending by students combined with money spent by campus visitors. This includes attending parents’ weekends, conferences, sporting events, and other campus activities.

In addition to supporting 1,700 jobs, the tax benefit to New York State and its communities cannot be discounted, notes the CICU. Employees at Iona, and others whose employment is dependent upon it, contributed an estimated $5.8 million in state personal income tax revenue and state and local sales tax revenue.

CAMPUS IMPROVEMENTS
Recent capital investments have further amplified the University’s impact. Notable projects over the past several years include:
• Bronxville Campus: Iona’s new 28-acre campus in Bronxville, N.Y., is now home to the NewYork-Presbyterian Iona School of Health Sciences. The flagship building is the new Kelly Center for Health Sciences, providing state-of-the-art facilities and meeting the growing demand for skilled health care professionals.
• LaPenta School of Business: Expanded and updated with cutting-edge resources, the $38 million renovation doubled the LaPenta School of Business’ academic space to more than 68,000 square feet. The new building further amplifies Iona’s commitment to academic excellence in business education.
• Hynes Institute for Entrepreneurship & Innovation: A hub for entrepreneurial learning, this new space above Spellman Hall empowers students across all disciplines to turn their innovative ideas into action.
• Murphy Green: A vibrant new outdoor space in the heart of the New Rochelle campus, created to foster community engagement and enhance campus life. Many campus events and student activities now center around the Murphy Green.
• Campuswide Renovations: In addition to a recent renovation of the Hynes Athletics Center, ongoing upgrades in New Rochelle include a new dining hall, student union, advising and academic spaces as well as Bronxville renovations including a new turf field, two gymnasiums, administrative and academic buildings.

NATIONAL RECOGNITION
Iona also continues to gain recognition as one of the best universities in the nation.

For 2025, Iona has been recognized by The Princeton Review, The Wall Street Journal, Forbes and others as one of the nation’s top institutions.

Additionally, U.S. News & World Report recognized Iona as one of the top for social mobility in the country, while Georgetown University’s Center on Education and the Workforce (CEW) ranked an Iona degree in the top 5 percent nationally for long-term return on investment.
Iona continues to expand opportunities for students to learn outside the lines of the classroom while maintaining a steadfast commitment to faith, service, and academic excellence.

For more information, visit www.iona.edu.

Learn more about Iona University today!