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.
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Yeshiva Yesodei Hatorah |
Talmudical Academy-New Jersey |
|
Yeshiva Chemdas Hatorah |
|
Yeshiva Gedolah of Woodlake Village |
|
Rabbinical Seminary Mkor Chaim |
|
Yeshivas Emek Hatorah |
|
Beth Medrash of Asbury Park |
|
Bais Medrash Toras Chesed |
|
Yeshiva Gedolah Shaarei Shmuel |
|
Yeshiva Gedola Tiferes Yerachmiel |
|
Seminary Bnos Chaim |
|
Yeshiva Gedolah Keren Hatorah |
|
Yeshiva Toras Chaim |
|
Georgian Court University |
|
Atlantic Cape Community College |
|
Monmouth University |
|
Rowan College at Burlington County |
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Ocean County College |
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Stockton University |
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Brookdale Community College |
|
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
|
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 |
88
19
7,869
919
8,788
59
10
7
19
0
0
4
1
1
7,812
0
89
11
0
976
17
14,599
14,885
15,188
15,532
39,034
39,034
46,922
33,855
33,855
41,743
24,844
24,844
32,732
0
2,124
317
16
33
0
466
0
0
7
88
91
44
72
61
4
157
1
225
87
3
1,306 |
NA
NA
3,179
4,250
7,429
66
5
2
20
0
0
3
2
1
7,429
16
64
20
0
0
20
4,530
4,530
4,530
4,690
NA
NA
NA
35,658
36,090
37,818
11,262
11,694
13,422
1,346
NA
NA
NA
NA
NA
229
0
0
5
56
38
52
25
40
1
38
1
69
7
0
561 |
NA
NA
3,225
3,322
6,547
51
19
5
17
0
0
4
2
2
6,547
2
69
29
0
0
21
4,730
4,730
4,860
4,968
NA
NA
NA
19,222
19,630
21,190
9,222
9,630
11,190
1,426
NA
NA
NA
NA
NA
195
0
0
5
21
68
22
10
33
3
43
0
56
8
8
472 |
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 |
NA
NA
1,737
2,536
4,273
41
14
6
29
0
0
4
4
2
4,273
3
65
31
0
0
16
5,340
5,340
4,272
4,863
NA
NA
NA
32,111
33,311
34,511
11,727
12,927
14,127
643
NA
NA
NA
NA
NA
159
0
0
8
6
40
35
28
30
0
40
0
39
12
1
398 |
71
14
1,243
667
1,910
62
8
2
14
0
0
3
9
3
1,478
18
69
13
0
432
10
33,640
34,481
35,516
37,110
55,920
55,920
55,920
53,534
53,534
53,534
43,010
43,010
43,010
0
357
133
0
4
0
137
0
0
4
23
14
21
9
31
5
13
0
35
0
0
292 |
98
100
225
0
225
85
0
0
0
0
0
0
0
15
225
16
84
0
0
0
23
12,250
12,250
12,750
12,750
24,450
24,450
24,450
37,750
37,750
37,750
22,850
22,850
22,850
0
16
0
0
0
0
10
0
0
0
0
3
2
0
0
0
4
0
0
0
0
19 |
95
100
189
0
189
100
0
0
0
0
0
0
0
0
189
22
78
0
0
0
32
8,650
9,050
9,550
9,950
17,750
17,750
17,750
34,950
34,950
34,950
23,050
23,050
23,050
39
0
0
0
0
0
6
0
0
0
0
2
2
0
0
0
0
0
0
0
0
10 |
43
65
162
15
177
100
0
0
0
0
0
0
0
0
177
6
94
0
0
0
14
11,900
11,900
12,350
12,600
NA
NA
NA
37,600
37,600
37,600
25,700
25,700
25,700
89
NA
NA
NA
NA
NA
12
0
0
0
0
0
3
0
0
0
0
0
4
0
0
19 |
43
85
172
0
172
90
0
0
0
0
0
0
0
10
172
2
98
0
0
0
19
9,050
9,050
9,400
9,400
17,050
17,050
17,050
NA
NA
NA
NA
NA
NA
59
1
0
0
0
0
9
0
0
0
0
2
0
0
0
0
2
0
1
0
0
14 |
53
83
132
0
132
100
0
0
0
0
0
0
0
0
132
28
72
0
0
0
26
8,800
9,510
9,720
9,720
18,820
18,820
18,820
35,120
35,120
35,120
19,820
19,820
19,820
17
0
0
0
0
0
5
0
0
0
0
1
1
0
0
0
0
0
0
0
0
7 |
63
72
124
1
125
100
0
0
0
0
0
0
0
0
125
2
95
3
0
0
16
7,200
7,200
7,800
8,100
14,000
14,000
14,000
NA
NA
NA
NA
NA
NA
0
14
0
0
0
0
8
0
0
0
0
1
0
0
0
0
1
1
0
0
0
11 |
42
82
109
0
109
84
0
0
0
0
0
0
0
16
109
9
91
0
0
0
22
12,350
12,350
12,010
12,010
21,110
21,110
21,110
NA
NA
NA
NA
NA
NA
0
3
0
0
0
0
5
0
0
0
0
1
0
0
0
0
0
0
0
0
0
6 |
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 |
100
100
81
0
81
100
0
0
0
0
0
0
0
0
81
41
58
1
0
0
16
8,300
8,450
8,450
8,450
17,750
17,750
17,750
33,450
33,450
33,450
18,550
18,550
18,550
0
0
0
0
0
0
5
0
0
0
0
2
0
0
0
0
0
0
0
0
0
7 |
95
100
79
0
79
85
0
0
0
0
0
0
0
15
79
20
80
0
0
0
16
8,650
8,700
8,850
9,030
17,000
17,000
17,000
34,030
34,030
34,030
22,130
22,130
22,130
23
8
0
0
0
0
5
0
0
0
0
1
2
0
0
0
0
0
0
0
0
8 |
75
100
79
0
79
95
0
0
0
0
0
0
0
5
79
29
71
0
0
0
13
12,150
12,150
12,150
12,150
22,130
22,130
22,130
34,790
34,790
34,790
22,250
22,250
22,250
20
1
0
0
0
0
6
0
0
0
0
0
1
0
0
0
0
0
0
0
0
7 |
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
87
72
0
72
94
0
0
0
0
0
0
0
6
72
33
67
0
0
0
9
12,500
12,500
12,500
12,500
21,600
21,600
21,600
37,500
37,500
37,500
25,600
25,600
25,600
0
7
0
0
0
0
8
0
0
0
0
3
2
0
0
0
0
0
0
0
0
13 |
Page 1 of 2
Yeshiva Bais Aharon |
Bais Medrash Mayan Hatorah |
|
Yeshiva Gedolah of Cliffwood |
|
Keser Torah-Mayan Hatalmud |
|
Yeshiva Gedola Tiferes Yaakov Yitzchok |
|
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
|
50
100
69
0
69
100
0
0
0
0
0
0
0
0
69
25
75
0
0
0
12
13,000
13,000
13,700
13,700
22,200
22,200
22,200
NA
NA
NA
NA
NA
NA
15
14
0
0
0
0
6
0
0
0
0
1
0
0
0
0
0
0
0
0
0
7 |
71
100
58
1
59
80
0
0
0
0
0
0
0
20
59
3
90
7
0
0
19
10,150
11,060
11,060
11,060
18,900
18,900
18,900
36,060
36,060
36,060
24,160
24,160
24,160
0
11
0
0
0
0
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3 |
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 |
67
71
25
0
25
100
0
0
0
0
0
0
0
0
25
24
68
8
0
0
3
10,650
11,650
12,000
12,000
20,700
20,700
20,700
37,000
37,000
37,000
25,100
25,100
25,100
11
1
0
0
0
0
8
0
0
0
0
1
0
0
0
0
1
0
0
0
0
10 |
75
100
13
0
13
100
0
0
0
0
0
0
0
0
13
46
54
0
0
0
4
9,250
9,580
9,950
10,350
19,290
19,290
19,290
33,390
33,390
33,390
20,450
20,450
20,450
0
0
0
0
0
0
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3 |
Page 2 of 2
Sources: STI: PopStats and STI: Colossus
|