Iona College Contributes $258M Annually to Regional Economy: Study

NEW ROCHELLE, NY — According to a study, Iona College contributes as much as $258.5 million a year to the regional economy.

The Commission on Independent Colleges had the Center for Governmental Research do the study which showed that in 2015 Iona’s spending translated into roughly $99.4 million in wages, was responsible for 1,850 local jobs and contributed $7.3 million in state income and sales tax revenue for state and local governments.

Additionally, student and visitor spending contributed another $37 million.

The commission said the study showed that Iona College, which is New Rochelle’s second largest private sector employer, increased its impact by $8 million from 2013 estimates by the same organizations.

Economic impact is measured in Iona’s direct purchases of goods and services, as well as spending by its employees, students and visitors.

Statewide, the study found that independent colleges and universities have a total impact of $79.6 billion, with the mid-Hudson Valley, where Iona is located, having $4.8 billion.

Patch file photo.