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.
|
Yeshivas Emek Hatorah |
Rabbi Jacob Joseph School |
|
New Brunswick Theological Seminary |
|
Princeton Theological Seminary |
|
Strayer University-New Jersey |
|
St Paul's School of Nursing-Staten Island |
|
Chamberlain University-New Jersey |
|
Wagner College |
|
Rider University |
|
Monmouth University |
|
Mercer County Community College |
|
Raritan Valley Community College |
|
Thomas Edison State University |
|
UCNJ Union College of Union County, NJ |
|
Princeton University |
|
Brookdale Community College |
|
College of Staten Island CUNY |
|
Middlesex College |
|
Kean University |
|
Rutgers University-New Brunswick |
|
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
|
65
27
43,738
6,879
50,617
33
8
29
15
0
0
3
2
10
36,588
0
95
5
0
14,029
15
15,003
15,804
16,263
17,239
37,717
37,717
56,479
48,804
48,804
67,566
30,390
30,390
49,152
32
8,737
3,341
739
657
0
4,187
931
51
116
489
951
2,097
1,783
708
2,609
1,830
2
1,878
432
6
18,070 |
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 |
NA
NA
4,219
7,252
11,471
22
10
20
34
0
0
3
7
3
11,471
22
60
18
0
0
20
3,708
3,996
4,284
4,524
NA
NA
NA
26,938
29,482
29,482
8,414
10,958
10,958
1,483
NA
NA
NA
NA
NA
325
0
46
8
69
61
16
16
38
4
70
1
98
15
9
776 |
NA
NA
7,884
2,852
10,736
43
13
13
26
0
0
3
0
2
9,786
9
77
14
0
950
16
7,490
7,490
7,490
7,490
33,359
33,359
41,309
34,612
34,612
42,562
13,806
13,806
21,756
456
1,352
282
22
0
0
510
0
0
21
56
112
29
84
55
2
96
0
161
25
22
1,173 |
NA
NA
4,029
5,887
9,916
55
8
4
23
0
0
3
5
2
9,916
18
63
18
1
0
18
5,639
5,639
5,783
5,921
NA
NA
NA
25,539
28,674
29,424
15,720
18,855
19,605
1,426
NA
NA
NA
NA
NA
354
4
25
9
128
17
19
6
23
0
4
0
55
11
4
659 |
4
77
8,849
73
8,922
33
7
19
9
0
0
6
4
24
5,671
1
98
1
0
3,251
5
48,502
56,010
57,410
59,710
84,040
84,040
84,040
NA
NA
NA
NA
NA
NA
0
1,284
661
445
0
0
1,115
0
0
305
82
901
387
1,720
278
88
916
1
1,078
508
0
7,379 |
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 |
NA
NA
96
7,491
7,587
46
15
5
15
0
0
4
14
1
6,773
0
12
88
0
814
15
7,182
7,182
7,372
6,638
NA
NA
NA
14,008
14,008
15,968
8,905
8,905
10,865
379
1,334
212
0
32
0
0
0
0
0
34
101
27
14
75
0
0
0
45
0
0
296 |
NA
NA
2,747
3,840
6,587
40
11
8
28
0
0
3
9
1
6,587
12
65
23
0
0
19
5,232
5,232
5,376
5,520
NA
NA
NA
22,445
24,365
24,365
10,445
12,365
12,365
912
NA
NA
NA
NA
NA
215
0
0
3
83
42
2
0
0
0
19
0
112
10
0
486 |
NA
NA
2,029
4,190
6,219
31
18
8
26
0
0
3
7
6
6,219
11
61
27
1
0
16
4,578
4,728
4,854
5,082
NA
NA
NA
19,406
20,757
23,266
10,830
12,181
14,690
713
NA
NA
NA
NA
NA
208
0
0
9
42
73
19
11
43
0
37
0
78
17
18
555 |
90
13
4,287
694
4,981
69
5
3
16
0
0
2
3
2
3,842
1
97
2
0
1,139
12
40,680
41,680
43,216
44,850
67,924
67,924
67,924
65,465
65,465
65,465
50,506
50,506
50,506
0
934
500
0
25
0
380
0
0
13
25
67
55
39
138
12
119
0
121
0
0
969 |
79
11
3,364
719
4,083
55
13
5
17
0
0
3
3
4
3,244
0
93
7
0
839
12
45,860
36,475
37,475
38,900
59,130
59,130
59,130
49,400
49,400
49,400
42,900
42,900
42,900
5
765
368
13
0
0
226
0
0
12
45
71
50
15
74
1
35
0
61
19
0
609 |
83
20
1,672
260
1,932
58
7
5
15
0
0
3
5
7
1,592
0
95
5
0
340
16
50,010
50,330
51,260
52,000
71,574
71,574
71,574
72,085
72,085
72,085
55,974
55,974
55,974
0
380
136
0
10
0
190
0
4
9
35
29
15
14
66
5
54
0
48
23
15
507 |
90
78
452
864
1,316
20
45
9
21
0
0
1
2
1
1,316
0
24
76
0
0
12
19,766
19,982
20,142
20,462
NA
NA
NA
45,594
45,594
45,594
28,870
28,870
28,870
0
299
0
0
0
0
49
0
0
0
30
3
3
1
0
0
0
0
2
0
0
88 |
NA
NA
661
0
661
29
35
6
23
0
0
3
4
0
661
0
36
64
0
0
15
17,731
18,075
17,300
17,525
NA
NA
NA
44,677
44,677
44,677
24,185
24,185
24,185
235
NA
NA
NA
NA
NA
44
0
0
1
2
6
3
1
7
0
0
0
2
0
0
66 |
NA
NA
28
574
602
15
55
2
20
0
1
4
3
0
538
0
11
88
1
64
39
13,515
13,515
13,515
13,920
NA
NA
NA
25,158
25,158
25,158
15,720
15,720
15,720
27
73
18
0
0
0
3
0
0
0
3
3
1
0
0
0
0
2
0
0
0
12 |
NA
NA
279
8
287
51
16
6
7
0
0
3
7
9
0
NA
NA
NA
NA
287
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
0
0
118
7
0
0
39
8
0
18
0
48
13
13
8
2
21
0
43
23
0
236 |
NA
NA
17
114
131
22
59
9
9
0
0
0
1
0
0
NA
NA
NA
NA
131
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
0
0
19
9
0
0
14
0
0
1
4
4
1
0
0
0
3
0
5
0
0
32 |
90
100
96
0
96
96
0
0
0
0
0
0
0
4
96
28
72
0
0
0
16
11,950
12,200
12,700
12,700
22,600
22,600
22,600
NA
NA
NA
NA
NA
NA
0
5
0
0
0
0
6
0
0
0
0
2
1
0
0
0
3
0
1
0
0
13 |
100
100
93
0
93
100
0
0
0
0
0
0
0
0
93
31
69
0
0
0
19
10,150
9,350
9,750
9,750
19,250
19,250
19,250
34,750
34,750
34,750
22,850
22,850
22,850
0
1
0
0
0
0
5
0
0
0
0
0
2
0
0
0
0
0
0
0
0
7 |
Page 1 of 2
Yeshiva Gedolah Zichron Leyma |
Yeshivas Be'er Yitzchok |
|
Yeshiva Gedolah of Cliffwood |
|
Yeshiva Gedolah Tiferes Boruch |
|
Torah Temimah Talmudical Seminary |
|
DeVry University-New Jersey |
|
Talmudical Academy-New Jersey |
|
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
|
42
100
78
0
78
95
0
0
0
0
0
0
0
5
78
1
97
1
0
0
20
13,900
14,300
14,300
15,800
25,100
25,100
25,100
40,800
40,800
40,800
25,900
25,900
25,900
0
5
0
0
0
0
4
0
0
0
0
0
1
0
0
0
1
0
1
0
0
7 |
100
100
56
18
74
23
32
8
20
0
0
0
7
9
68
0
28
72
0
6
3
18,096
17,488
17,488
17,488
NA
NA
NA
42,312
42,312
42,312
25,596
25,596
25,596
1
18
5
0
0
0
16
0
0
0
20
3
0
0
0
0
0
0
0
0
0
39 |
65
64
73
0
73
93
0
0
0
0
0
0
0
7
73
5
92
3
0
0
24
11,050
11,850
11,850
9,600
20,100
20,100
20,100
34,000
34,000
34,000
19,700
19,700
19,700
0
6
0
0
0
0
3
0
0
0
0
0
1
0
0
0
0
0
1
0
0
5 |
100
100
70
0
70
100
0
0
0
0
0
0
0
0
70
27
73
0
0
0
18
9,850
9,850
9,850
9,850
17,600
17,600
17,600
NA
NA
NA
NA
NA
NA
0
2
0
0
0
0
4
0
0
0
0
0
1
0
0
0
0
0
0
0
0
5 |
80
60
55
0
55
91
0
0
0
0
0
0
0
9
55
7
93
0
0
0
18
7,850
8,550
8,550
8,550
17,850
17,850
17,850
NA
NA
NA
NA
NA
NA
0
6
0
0
0
0
3
0
0
0
0
1
0
0
0
0
1
0
0
0
0
5 |
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 |
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 |
Page 2 of 2
Sources: STI: PopStats and STI: Colossus
|