In December, Mayor Bloomberg announced a new two-million-square-foot applied science and engineering campus would be coming to Roosevelt Island in New York City. Working in coordination with Cornell University and the Technion-Israel Institute of Technology, Bloomberg set out to replicate the plan MIT established for the Greater Boston area. And why wouldn’t he? MIT alumni have helped create 231,000 jobs in New York, according to Crain’s New York Business.
The only states to reap more rewards from MIT than New York are, of course, Massachusetts and California. Thanks to the Institute, Massachusetts has benefitted from more than one million jobs, and MIT alumni have helped create another 526,000 jobs in California, a majority of which are in Silicon Valley.
Even more shocking: If MIT was a country, it would have the 11th largest economy in the world. At the end of 2006, living MIT alumni had created 25,800 still-active companies that employed 3.3 million people and generated global revenues of almost $2 trillion, according to a report prepared by the Kauffman Foundation.
Cornell will be pouring $2 billion into the new applied-science school. They anticipate the school will result in the creation of roughly 600 companies over the first 30 years, which could lead to a potential $23 billion in economic activity and $1.4 billion in tax revenue in the same period, says Crain’s.
In 2011, MIT was ranked number one among world universities in six different categories by QS World University Rankings: computer science and information systems; chemical engineering; civil and structural engineering; electrical and electronic engineering; mechanical, aeronautical and manufacturing engineering; and metallurgy and materials.
If the school keeps those rankings up, there are only more jobs to follow. So, you’re welcome New York City. We hope you’re gracious. Let’s see if Cornell can keep up.