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Smart money: NJ’s independent colleges boost state economy

College classroom
(Carlos de Andres, Cover/Getty Images)

A report from The Association of Independent Colleges and Universities in New Jersey says the 14 institutions of higher learning also generate a great deal of higher economic benefits for the state.

The report says they provide $3.5 billion in overall economic benefits to New Jersey. Association Vice President David Rousseau says that includes “over 33,000 direct and indirect jobs.”

Association Chairman Richard Levao says the bottom line is, “For every one dollar of the state funds received, either through operating aid or student aid, our colleges and universities provide $35 in economic impact to the state.”

“This economic impact is generated with limited investment from the state budget.”

Levao also says that in addition to their primary role of providing additional, high quality choices to continue their education in New Jersey, the 14 independent colleges and universities are an important part of the overall economy in the state, and more specifically, in the regions in which they are located.

Academically, Levao says the 14 institutions are awarding degrees in many of the most sought after fields to move New Jersey’s workforce forward.

“Many of our institutions are involved in research in the state. Over the last five years it has been $1.9 billion dollars. The money comes from the federal government, corporations and nonprofits into the state to support that money.”

The members of The Association of Independent Colleges and Universities in New Jersey:
Bloomfield College
Caldwell University
Centenary University
College of Saint Elizabeth
Drew University
Fairleigh Dickinson University
Felician University
Georgian Court University
Monmouth University
Princeton University
Rider University
Saint Peter’s University
Seton Hall University and
Stevens Institute of Technology

Joe Cutter is the afternoon news anchor on New Jersey 101.5

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