Pace University contributed $359.9 million to the regional economy and was responsible for more than 1,500 jobs in Westchester County.
In releasing an economic analysis for its Westchester campuses last week, President Marvin Krislov, a member of the BCW Board, was joined by Westchester’s Deputy County Executive Ken Jenkins, Pleasantville Mayor Peter Sherer and key business leaders, all of whom emphasized the significant economic, educational and cultural impact that the University has on the region.
“Pace University creates the opportunities that drive our students to successful careers and lives,” said Krislov. “We’re also proud to help our Westchester community succeed, by bringing jobs, people, and spending to the area and driving hundreds of millions of dollars in economic impact each year.”
“These figures are impressive, and tell an important story,” said Marsha Gordon, president and CEO of The Business Council of Westchester. “We’ve always known that Pace University plays an integral role in the economic, cultural and educational fabric of Westchester County, and this report exemplifies just how important Pace is to the regional economy.”
The economic analysis, prepared by The Helene T. and Grant M. Wilson Center for Social Entrepreneurship at Pace University, examined payroll, construction, procurement, and other data such as student and visitor spending on meals, entertainment, transportation, and local retail from 2017 (the latest data available) – all of which translated into hundreds of millions of dollars in spending that created jobs and opportunities for people in Westchester and surrounding communities.
“Westchester County is proud to be home to universities and colleges that are among the best in the nation – and Pace University is certainly one of them,” Westchester County Executive George Latimer said. “Pace has generated a boost to Westchester’s local economy on many levels, with spending totaling nearly $360 million between visitor spending, off-campus purchases and the thousands of students who live, study and work around the campus. Westchester County is proud to partner with institutions like Pace to create greater economic activity now, and educate the next generation for our future.”
Some of the highlights of the report include:
- Pace’s 200-acre Pleasantville campus and its Elisabeth Haub School of Law in White Plains enrolled over 4,300 students, employed over 1,500 people (full-and-part-time), and attracted 91,000 visitors to the area — factors that added $360 million in spending to the regional economy.
- Students from both campuses in Westchester spent $35 million off-campus at area businesses. In Pleasantville, students spent $24.3 million on off-campus housing, food, entertainment, and retail, which generated $42.7 million in overall economic activity, $11.1 million in earnings, and supported 359 jobs.
- Sporting events, such as games, tournaments and camps on campus drew 142,487 attendees who spent $5.4 million at local restaurants, hotels and local retail stores.
- Pace withheld more than $42 million in FICA and federal taxes, $9.5 million in state and local taxes from all of its New York City and Westchester employees; paid $522,220 in the Metropolitan Commuter Transportation Mobility (MTA) tax; and paid nearly $1.5 million in property taxes.
- Pace students contribute 21,000 volunteer hours to local organizations each year.
- Over the past five years, Pace has invested $293 million in its Westchester campuses.
- Collectively, Pace University has approximately 150,000 alumni, with more than 65% of Pace alumni living in the New York metropolitan area.