Universities play a crucial role in shaping local economies by driving employment, fostering business growth, attracting investment, and enhancing the overall quality of life in their host communities. Their economic impact extends beyond direct spending to include long-term benefits such as workforce development, innovation, and cultural enrichment. Below, we explore the key ways in which a university influences a local economy.
- Direct Employment and Spending
A university is often one of the largest employers in a local area, providing jobs for faculty, administrative staff, maintenance workers, and other professionals. These employees spend their salaries on housing, groceries, transportation, and entertainment, injecting money into the local economy. Additionally, universities spend significant amounts on construction, utilities, and local services, further stimulating business activity.
Students also contribute to local spending. Many bring outside money into the community through tuition payments, federal aid, and personal expenditures on rent, food, and retail. A large student population can sustain businesses such as bookstores, coffee shops, restaurants, and housing providers.
- Business Development and Entrepreneurship
Universities often serve as hubs for innovation and entrepreneurship. Research institutions, business incubators, and technology transfer offices help commercialize academic research, leading to startup formation and industry partnerships. For example, Stanford University's role in Silicon Valley's growth demonstrates how academic institutions can spur regional economic development.
Local businesses benefit from university partnerships, including procurement contracts for supplies, catering, and maintenance services. Furthermore, universities attract conferences, sporting events, and cultural activities that generate tourism revenue for hotels, restaurants, and transportation services.
- Human Capital and Workforce Development
A well-educated workforce is essential for economic competitiveness. Universities produce graduates with specialized skills that attract high-paying industries, such as technology, healthcare, and finance. Many graduates remain in the area, filling critical roles in local businesses and government.
Universities also offer continuing education programs, professional certifications, and workforce training initiatives that help upskill local employees, making the regional labor market more adaptable to industry changes.
- Real Estate and Infrastructure Growth
The presence of a university can drive demand for housing, both from students and faculty. This often leads to the development of new apartments, condominiums, and mixed-use commercial spaces. Over time, universities contribute to urban revitalization by investing in campus expansions, public transit improvements, and community amenities like libraries and parks.
However, rapid growth can also lead to challenges, such as rising housing costs and gentrification, which may displace long-term residents. Local governments must balance economic expansion with policies that ensure affordable housing and equitable development.
- Cultural and Social Contributions
Beyond economics, universities enrich local culture through arts programs, public lectures, and athletic events. These activities improve residents' quality of life, making the area more attractive to businesses and skilled workers. A vibrant university town often sees increased property values and a more diverse, engaged community.
Conclusion
The economic impact of a university on a local economy is multifaceted, encompassing job creation, business growth, talent development, and infrastructure investment. While challenges such as affordability and displacement must be managed, the long-term benefits-including innovation, increased tax revenues, and a more dynamic workforce-make universities vital engines of regional prosperity. By fostering collaboration between academia, government, and industry, communities can maximize these advantages while ensuring inclusive growth.
|
Felician University |
Fairleigh Dickinson University-Florham Campus |
|
Saint Peter's University |
|
Jersey College |
|
Passaic County Community College |
|
Ramapo College of New Jersey |
|
New Jersey City University |
|
County College of Morris |
|
Essex County College |
|
Hudson County Community College |
|
Fairleigh Dickinson University-Metropolitan Campus |
|
UCNJ Union College of Union County, NJ |
|
Stevens Institute of Technology |
|
William Paterson University of New Jersey |
|
Seton Hall University |
|
Rutgers University-Newark |
|
Bergen Community College |
|
New Jersey Institute of Technology |
|
Kean University |
|
Montclair State University |
|
Percent admitted - total Admissions yield - total
Full-time enrollment Part-time enrollment
Total enrollment % White % Black % Asian % Hispanic % Native Hawaiian or Other Pacific Islander % American Indian or Alaska Native % two or more races % Race/ethnicity unknown % U.S. Nonresident
Undergraduate enrollment % under 18 % 18-24 % 25-64 % over 65
Graduate enrollment
Student-to-faculty ratio
Tuition and fees, 2020-21 2021-22 2022-23 2023-24
Total price for In-district students living on campus 2023-24 In-state students living on campus 2023-24 Out-of-state students living on campus 2023-24
In-district students living off campus (no family) 2023-24 In-state students living off campus (no family) 2023-24 Out-of-state students living off campus (no family) 2023-24
In-district students living off campus (w/ family) 2023-24 In-state students living off campus (w/ family) 2023-24 Out-of-state students living off campus (w/ family) 2023-24
Associate's degree Bachelor's degree Master's degree Doctor's degree - research/scholarship Doctor's degree - professional practice Doctor's degree - other
Instructional FTE Research FTE Public Service FTE Librarians, Curators, and Archivists FTE Student/Academic Affairs and Other Education Services FTE Management FTE Business and Financial Operations FTE Computer, Engineering, and Science FTE Community Service, Legal, Arts, and Media FTE Healthcare FTE Service FTE Sales and Related FTE Office and Administrative Support FTE Natural Resources, Construction, and Maintenance FTE Production, Transportation, and Material Moving FTE Total FTE staff
|
87
20
18,156
4,414
22,570
34
12
6
35
0
0
2
6
4
18,062
1
90
8
0
4,508
17
13,073
13,298
13,298
14,766
35,028
35,028
44,388
38,564
38,564
47,924
18,206
18,206
27,566
0
3,788
1,524
34
14
0
1,130
0
0
15
6
85
446
114
113
72
206
0
302
51
8
2,548 |
77
21
10,477
2,875
13,352
27
20
5
34
0
0
2
6
6
11,234
3
78
19
0
2,118
17
12,445
12,595
12,972
13,426
34,430
34,430
42,080
35,420
35,420
43,070
19,312
19,312
26,962
0
2,313
582
26
46
0
698
0
0
4
4
281
28
20
53
3
34
0
211
16
8
1,360 |
67
19
10,388
2,619
13,007
25
9
17
22
0
0
3
5
20
9,523
5
83
12
0
3,484
16
17,674
18,016
18,512
19,022
41,352
41,352
58,264
45,652
45,652
62,564
28,452
28,452
45,364
0
1,815
1,218
95
0
0
640
66
0
14
29
122
206
130
170
0
145
0
148
40
2
1,712 |
NA
NA
6,123
5,678
11,801
28
7
9
42
0
0
2
7
5
11,801
5
69
25
1
0
18
4,573
4,573
4,658
4,757
NA
NA
NA
25,086
28,942
29,334
12,008
15,864
16,256
1,607
NA
NA
NA
NA
NA
423
0
0
15
29
78
45
19
48
1
67
0
73
11
0
809 |
79
10
8,174
2,635
10,809
25
16
17
28
0
0
2
3
8
7,417
0
83
17
0
3,392
13
14,502
15,208
15,648
16,586
37,409
37,409
56,171
48,151
48,151
66,913
29,737
29,737
48,499
0
1,783
1,124
91
241
0
700
72
0
42
111
45
232
75
73
7
169
0
121
81
0
1,728 |
79
8
7,524
1,970
9,494
48
12
9
22
0
0
4
2
2
6,061
1
97
2
0
3,433
14
45,290
46,880
48,960
51,370
72,720
72,720
72,720
73,920
73,920
73,920
56,570
56,570
56,570
0
1,336
815
61
290
0
631
0
0
41
70
143
94
72
180
15
51
0
136
42
2
1,477 |
93
12
5,802
3,624
9,426
37
18
8
30
0
0
2
2
2
6,546
0
68
32
0
2,880
17
13,638
14,210
14,624
15,150
35,880
35,880
45,194
33,002
33,002
42,316
21,672
21,672
30,986
0
1,847
859
0
16
0
420
0
0
19
8
63
35
44
59
7
145
0
136
0
0
936 |
43
17
7,461
1,381
8,842
28
2
11
10
0
0
2
12
36
4,092
0
99
1
0
4,750
10
55,952
56,920
58,624
60,952
81,852
81,852
81,852
81,852
81,852
81,852
63,702
63,702
63,702
0
948
2,352
66
0
0
411
71
0
6
66
298
85
26
8
12
49
0
158
4
5
1,199 |
NA
NA
3,649
4,432
8,081
14
28
4
46
0
0
2
3
1
8,081
1
63
36
0
0
21
5,281
5,281
5,281
5,280
NA
NA
NA
24,812
29,032
29,032
12,134
16,354
16,354
1,404
NA
NA
NA
NA
NA
220
0
0
7
151
50
17
13
9
0
59
0
41
6
3
576 |
96
15
2,720
4,887
7,607
41
8
6
21
0
0
2
14
8
5,440
41
48
11
0
2,167
14
42,240
33,114
34,404
35,822
58,514
58,514
58,514
59,986
59,986
59,986
43,884
43,884
43,884
64
547
623
19
63
0
257
0
0
8
6
183
27
30
52
7
28
0
84
1
0
683 |
NA
NA
3,669
3,560
7,229
11
13
8
53
0
0
2
11
2
7,229
7
57
36
0
0
22
4,814
4,814
4,814
5,020
NA
NA
NA
25,644
29,364
32,904
12,320
16,040
19,580
1,082
NA
NA
NA
NA
NA
218
0
0
13
56
104
8
32
47
0
9
0
95
9
0
591 |
NA
NA
3,016
3,774
6,790
6
44
3
31
0
0
1
5
10
6,790
12
56
31
1
0
24
4,995
5,095
5,192
5,346
NA
NA
NA
19,689
23,661
23,661
9,960
13,932
13,932
1,018
NA
NA
NA
NA
NA
163
0
0
3
91
57
14
5
11
0
56
0
85
7
0
492 |
NA
NA
2,732
3,337
6,069
44
5
5
27
0
0
3
13
2
6,069
6
73
20
1
0
17
5,400
5,520
5,940
6,210
NA
NA
NA
23,180
27,500
31,280
11,800
16,120
19,900
1,038
NA
NA
NA
NA
NA
228
0
0
3
2
50
17
28
29
2
47
0
72
12
3
493 |
89
11
3,862
1,971
5,833
24
19
8
42
0
0
2
2
2
4,209
2
75
22
0
1,624
14
14,738
15,072
13,564
13,971
36,289
36,289
47,206
42,011
42,011
52,928
21,613
21,613
32,530
0
993
382
43
0
0
285
0
0
11
172
55
26
29
1
1
78
0
101
18
0
777 |
73
18
4,578
943
5,521
56
6
10
24
0
0
0
3
1
5,013
3
87
9
1
508
16
14,952
14,952
15,363
15,978
34,750
34,750
45,160
33,894
33,894
44,304
22,466
22,466
32,876
0
1,157
299
0
5
0
280
0
0
14
59
38
36
35
42
0
64
0
105
29
0
702 |
NA
NA
2,120
3,045
5,165
15
10
5
63
0
0
2
5
0
5,165
6
63
31
0
0
16
5,400
5,400
5,580
5,580
NA
NA
NA
22,706
24,716
26,816
9,206
11,216
13,316
553
NA
NA
NA
NA
NA
190
0
0
6
144
85
11
8
40
0
50
0
94
4
0
632 |
68
71
2,980
1,109
4,089
19
59
3
11
0
1
5
1
0
4,089
0
18
82
0
0
18
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
729
NA
NA
NA
NA
NA
186
0
0
4
78
56
10
9
0
0
4
31
17
0
0
395 |
91
11
3,064
609
3,673
19
13
6
27
0
0
0
3
32
2,101
6
84
10
0
1,572
11
38,760
38,760
39,890
41,054
60,944
60,944
60,944
52,454
52,454
52,454
45,404
45,404
45,404
20
510
408
32
0
0
184
0
0
7
42
43
35
15
44
5
6
0
45
0
0
426 |
95
12
2,498
280
2,778
49
10
7
22
0
0
3
4
4
1,997
1
96
3
0
781
11
44,740
33,114
34,404
35,822
58,514
58,514
58,514
59,986
59,986
59,986
43,884
43,884
43,884
2
503
311
0
73
0
224
0
0
6
1
57
25
14
41
8
29
0
43
1
2
451 |
94
17
1,810
426
2,236
27
17
5
39
0
0
2
3
5
1,833
2
79
18
0
403
15
35,000
35,700
36,410
37,830
54,450
54,450
54,450
54,210
54,210
54,210
42,310
42,310
42,310
16
420
96
0
10
0
123
0
0
6
17
29
14
10
32
1
19
0
45
13
6
315 |
Page 1 of 2
Assumption College for Sisters |
Best Care College |
|
Yeshiva Gedolah Zichron Leyma |
|
Eastern School of Acupuncture and Traditional Medicine |
|
Yeshivas Be'er Yitzchok |
|
Rabbinical College of America |
|
Eastwick College-Nutley |
|
Eastern International College-Jersey City |
|
Pillar College |
|
Hackensack Meridian School of Medicine |
|
Eastwick College-Hackensack |
|
Bloomfield College |
|
Eastwick College-Ramsey |
|
Saint Elizabeth University |
|
Caldwell University |
|
Berkeley College-Woodland Park |
|
Drew University |
|
Percent admitted - total Admissions yield - total
Full-time enrollment Part-time enrollment
Total enrollment % White % Black % Asian % Hispanic % Native Hawaiian or Other Pacific Islander % American Indian or Alaska Native % two or more races % Race/ethnicity unknown % U.S. Nonresident
Undergraduate enrollment % under 18 % 18-24 % 25-64 % over 65
Graduate enrollment
Student-to-faculty ratio
Tuition and fees, 2020-21 2021-22 2022-23 2023-24
Total price for In-district students living on campus 2023-24 In-state students living on campus 2023-24 Out-of-state students living on campus 2023-24
In-district students living off campus (no family) 2023-24 In-state students living off campus (no family) 2023-24 Out-of-state students living off campus (no family) 2023-24
In-district students living off campus (w/ family) 2023-24 In-state students living off campus (w/ family) 2023-24 Out-of-state students living off campus (w/ family) 2023-24
Associate's degree Bachelor's degree Master's degree Doctor's degree - research/scholarship Doctor's degree - professional practice Doctor's degree - other
Instructional FTE Research FTE Public Service FTE Librarians, Curators, and Archivists FTE Student/Academic Affairs and Other Education Services FTE Management FTE Business and Financial Operations FTE Computer, Engineering, and Science FTE Community Service, Legal, Arts, and Media FTE Healthcare FTE Service FTE Sales and Related FTE Office and Administrative Support FTE Natural Resources, Construction, and Maintenance FTE Production, Transportation, and Material Moving FTE Total FTE staff
|
69
13
1,834
392
2,226
51
11
4
4
0
0
3
7
20
1,624
0
96
3
1
602
11
40,960
42,952
44,174
45,360
68,495
68,495
68,495
71,824
71,824
71,824
52,467
52,467
52,467
0
380
101
54
0
0
181
0
0
10
8
50
17
5
49
3
7
0
31
3
0
364 |
NA
NA
1,091
916
2,007
7
12
1
39
0
0
1
39
1
1,900
2
38
60
0
107
14
27,000
27,600
28,600
28,600
NA
NA
NA
51,990
51,990
51,990
36,630
36,630
36,630
231
332
82
0
0
0
106
0
0
2
15
34
13
1
61
0
13
1
32
0
2
280 |
65
7
1,549
315
1,864
31
16
4
27
0
0
1
7
13
1,448
3
92
5
0
416
13
36,700
36,900
38,050
39,450
59,324
59,324
59,324
60,950
60,950
60,950
46,350
46,350
46,350
0
333
94
5
0
0
132
0
0
5
12
30
14
8
37
3
0
0
20
0
1
262 |
77
10
774
235
1,009
27
29
4
26
0
1
1
11
1
670
4
83
13
0
339
11
34,876
34,876
34,930
35,942
54,768
54,768
54,768
57,642
57,642
57,642
43,642
43,642
43,642
0
169
130
18
0
0
93
0
0
2
22
8
10
11
26
2
3
0
22
5
0
204 |
NA
NA
448
481
929
28
29
8
33
1
1
0
0
1
929
0
32
68
0
0
13
16,882
17,166
17,166
17,028
NA
NA
NA
38,490
38,490
38,490
23,136
23,136
23,136
211
10
0
0
0
0
48
0
0
3
6
9
0
7
0
0
0
8
16
2
0
99 |
67
8
837
73
910
8
48
4
32
0
1
0
4
3
904
0
85
15
0
6
13
30,680
30,680
30,680
30,680
47,942
47,942
47,942
50,717
50,717
50,717
34,553
34,553
34,553
0
262
4
0
0
0
64
0
0
2
0
3
31
11
13
2
20
0
32
5
0
183 |
NA
NA
625
249
874
41
27
2
27
1
1
0
0
1
874
0
41
59
0
0
25
16,797
17,424
17,424
16,913
NA
NA
NA
36,384
36,384
36,384
23,073
23,073
23,073
183
0
0
0
0
0
31
0
0
2
1
7
3
0
0
0
0
4
13
4
0
65 |
NA
NA
567
0
567
47
6
33
8
0
0
3
4
0
0
NA
NA
NA
NA
567
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
0
0
0
0
85
0
378
0
0
1
57
40
4
7
7
0
0
0
13
0
0
507 |
NA
NA
521
33
554
31
17
2
37
0
0
1
4
8
489
11
36
52
1
65
14
22,756
22,756
23,668
24,820
NA
NA
NA
56,320
56,320
56,320
32,320
32,320
32,320
33
31
32
0
0
0
41
0
0
1
1
9
4
3
2
0
1
1
11
0
0
74 |
100
100
392
82
474
18
29
8
36
0
0
6
1
0
474
0
30
70
0
0
15
20,758
24,465
24,465
18,947
NA
NA
NA
35,797
35,797
35,797
23,597
23,597
23,597
120
12
0
0
0
0
64
0
0
1
8
14
6
3
0
0
3
7
15
0
0
121 |
NA
NA
266
190
456
20
15
3
60
0
0
0
0
2
456
0
51
49
0
0
11
15,806
15,327
15,327
14,846
NA
NA
NA
34,122
34,122
34,122
20,811
20,811
20,811
125
NA
NA
NA
NA
NA
29
0
0
3
4
3
1
0
0
0
0
3
6
3
0
52 |
87
87
206
0
206
83
0
0
0
0
0
0
0
17
197
25
74
1
0
9
12
12,000
12,000
13,000
13,000
27,300
27,300
27,300
38,000
38,000
38,000
23,100
23,100
23,100
0
28
5
0
0
0
17
0
0
0
0
3
3
0
0
0
12
0
3
0
0
38 |
100
100
51
1
52
92
0
0
0
0
0
0
0
8
52
2
63
35
0
0
7
10,900
10,900
11,450
11,450
22,950
22,950
22,950
36,850
36,850
36,850
21,550
21,550
21,550
0
21
0
0
0
0
7
0
0
0
0
1
0
0
0
0
0
0
0
0
0
8 |
NA
NA
41
9
50
44
2
34
6
0
0
0
14
0
8
0
0
100
0
42
6
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
0
0
19
0
0
0
9
0
0
0
2
1
1
0
0
0
0
1
2
0
0
16 |
71
67
47
0
47
87
0
0
0
0
0
0
0
13
47
21
79
0
0
0
9
10,750
10,750
11,350
11,350
19,850
19,850
19,850
35,550
35,550
35,550
21,450
21,450
21,450
0
2
0
0
0
0
5
0
0
0
0
1
0
0
0
0
0
0
0
0
0
6 |
NA
NA
46
0
46
0
96
2
2
0
0
0
0
0
46
0
0
100
0
0
30
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
18
NA
NA
NA
NA
NA
7
0
0
0
1
8
1
0
0
0
2
0
1
0
0
20 |
NA
NA
20
15
35
17
0
23
9
0
0
0
0
51
35
0
3
97
0
0
5
5,773
5,773
5,773
5,773
14,158
14,158
14,158
15,783
15,783
15,783
7,783
7,783
7,783
6
NA
NA
NA
NA
NA
6
0
0
0
0
1
1
0
0
1
1
0
1
0
0
11 |
Page 2 of 2
Sources: STI: PopStats and STI: Colossus
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