Pace in Lower Manhattan: An Economic Engine
Pace Spending Has Impact
Pace has been an important neighbor to the Lower Manhattan community and is a strong economic vehicle, generating nearly half a billion dollars in economic impact in the area.
Pace spending on payroll, construction, procurement, and other expenses generates hundreds of millions of dollars in economic activity for the city and the region. Likewise, our students and visitors to our New York City Campus spend on meals, entertainment, transportation and retail purchases – all of which has a tremendous impact on the local economy. In total, Paces impact on the regional economy amounts to $480 million in increased output, $149.4 million in earnings, and 4,098 jobs.
In fiscal year 2010-2011, Pace’s New York City Campus expenditures topped $164.5 million, contributing $64.3 million in wages and salary, $3 million in sponsored research, $67.5 million in scholarships, and $8.5 million in construction and procurement. The secondary impact of Pace University spending generated an estimated $353 million in increased economic output, $121.7 million in earnings and 3,158 additional jobs.
Pace made significant contributions to state and local government taxes. In FY 2011, the University withheld more than $7.3 million in city and state taxes from the employment income of all New York City and Westchester employees. Pace contributed $417,467 in Mentropolitan Commuter Transportation Mobiilyt tax, and $711,054 in New York City property taxes.
In FY 2011, Pace New York City students spent $68.4 million on off-campus housing, food, entertainment, transportation, books and other personal expenses. This spending supports employment, economic output, and earnings in industries such as retail trade, real estate and food services, generating a $115.4 million increase in economic output, $24 million in earnings and 820 jobs.
In fiscal year 2011, more than 51,000 people visited the New York City Campus for cultural events at the Schimmel Theatre in One Pace Plaza, as well as exhibits, student performances, academic conferences, lectures, and a variety of other activities. Visitors spent over $6 million at restaurants, hotels, retail stores, and other community businesses. The secondary impact of visitor spending generated an estimated $11.5 million in economic output, $3.7 . million in earnings, and 119 full-time equivalent jobs.