Frequently Asked Questions: Economic Development
The Act is expected to foster economic development. Isn’t SUNY an educational institution?
Apart from being employers in their own right, educational institutions do more than just educate. They produce the next generation of leaders, business owners, entrepreneurs, and skilled workers. Through research and development, colleges and universities create the framework for driving new technology and building new companies.
How can Stony Brook University and SUNY create jobs?
SUNY, with 64 campuses across New York State, is the linchpin for New Yorkers to educate, retrain, and retool for today’s innovation and knowledge economy. This Act means job growth in faculty and staff and infrastructure, and skilled labor jobs through tech transfer, company incubation, and capital construction.
Where will the job growth come from?
A reinvestment of revenue in our campus would allow more faculty lines to be filled. New faculty would need new lab space, staff, and capital equipment, all of which generate both direct and indirect employment. Additionally, public-private partnerships will result in more projects and facilities being built that not only employ construction workers but also require permanent employees to run and work in the facility. We have committed that all of these jobs will be supportive of collective bargaining principles.
How do Stony Brook University and SUNY impact local economies?
Stony Brook is Long Island’s largest single-site employer, with more than 14,000 employees. SUNY is the largest employer in many communities across New York State with more than 87,000 employees and their families living and contributing to the regions surrounding the campuses.
Parts of this text are adapted from materials provided by the State University of New York.