Investing in Higher Education Creates Prosperous Communities Across New York
Higher education in New York State plays an essential role in strengthening both local communities and the statewide economy, making funding for colleges and universities not just necessary but a strong long-term investment. Many of our private and public campuses act as economic anchors, employing thousands of staff and working with local contractors to drive business activity in surrounding communities. At the same time, our campuses are preparing the next generation of skilled workforce that New York’s industries depend on—preparing graduates to fill critical roles in healthcare, technology, education, and all emerging fields that keep the state competitive. By continuing adequate funding, New York ensures that its higher-education institutions can continue to provide high-quality programs, expand research initiatives, and support student success. All this equates to meaningful returns through job creation, innovation, and a well-prepared talent pipeline.
As our workforce begins to age, though, business leaders statewide are beginning to worry that we risk falling behind our peers. A September report from The Public Policy Institute (PPI), with the partnership of the New York State Economic Development Council (EDC) revealed raw pessimism from the business community about the state’s business climate, including deep concern as we rank 49th nationwide in projected working age population growth. Even within New York, there is a massive talent gap between New York City and the rest of the state that threatens the future of start-ups and legacy businesses alike.
Reversing this trend relies in large part on strengthening our higher education sector. Our colleges and universities — including our public higher education system — must be strong and focused on areas of both student demand and employer need. That’s how we’ll not only educate our own residents to retain them for the duration of their careers but also attract ambitious newcomers who can make significant contributions to our economy. Fiscally stable SUNY campuses in every corner of the state offer in-demand programs to achieve this are a natural antidote.
The state has committed nearly $400 million in new funding in the SUNY system in the past three years, recognizing — like those of us in the business community do — that those investments have tremendous returns. Maximizing state resources and tuition dollars through responsible financial planning is common sense and what good stewards of public trust must do.
Private colleges and universities have also deepened their investments in academic excellence, allocating substantial resources to expand student aid, recruiting top-tier faculty, and modernized campus infrastructure. Making the most of philanthropic gifts, and endowment funds through disciplined financial planning is simply common sense — and it reflects the responsibility that private institutions have to the students and communities they serve.
The reality is New York can’t afford any more losses in higher education. Closures of Saint Rose in Albany, Cazenovia in Central New York, Wells College in the Finger Lakes, and Medaille in Buffalo correspond with a growing list of neighborhood businesses that have lost reliable customer bases and a business community writ large that is losing reliable in-state college-to-career pathways.
New York’s business climate won’t improve if we let issues that impede attracting, training and retaining talent fester. Strengthening higher education at a local, campus-by-campus level is essential to this work.
Heather Mulligan
President & CEO
The Business Council of New York State, Inc.
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