Princeton University Is 'An Influential Catalyst For State's Economy,' New Report Finds

PRINCETON, NJ — In 2015, Princeton University directly and indirectly accounted for $1.58 billion in economic output in New Jersey, according to a recently published report.

The "Education, Innovation and Opportunity: The Economic Impact of Princeton University” study was conducted by economic consulting firm Appleseed Inc., and serves as an update to a 2008 study.

The study, posted on the university’s website this week, also found that the university supports 13,450 jobs, with total earnings of $970.7 million.

It takes into account the university's nearly $601.9 million payroll, $453.6 million spent on the purchase of goods and services, $318.1 million spent on construction and maintenance and off-campus spending by students and visitors.

It calls Princeton University “an influential catalyst for the strength of New Jersey's economic, intellectual and cultural life.”

"Princeton University takes prides in its longstanding partnership with the communities that surround it," University President Christopher L. Eisgruber said. "Through on-campus learning opportunities, joint transportation and safety programs, community service projects, and initiatives that encompass the arts, entrepreneurship and many other areas, the University and its neighbors continue a vibrant tradition of cooperation founded on shared values, interests and histories."

The study found that 58 percent of the university’s employees live in Princeton or elsewhere in Mercer County, and about 80 percent live in New Jersey.

The study also identifies resources, services and opportunities that the University contributes to enhance the quality of life in its neighboring communities and throughout the region.

Princeton attracts hundreds of millions in federal research dollars to New Jersey each year, much of which is spent locally, to pursue solutions to pressing societal challenges. Research expenditures amounted to $457.6 million in fiscal year 2015 — a nearly 80 percent jump since 2007. Internal University resources allocated to research increased significantly, comprising 30 percent of the 2015 total.

"Princeton is committed to extending the benefits of its research capabilities and innovation beyond the campus, into companies and organizations that can translate ideas into practical solutions to improve social and economic well-being," Princeton Director of Corporate Engagement and Foundation Relations Coleen Burrus said. "There are so many innovative companies right here in New Jersey, and the University is eager to continue to work with them to build research collaborations."

Appleseed Inc. is based in New York City and was established in 1993. According to its website, it has extensive experience providing economic and community impact analyses for major colleges and universities, and real estate development projects.

It provides analysis for economic development planning, social research and analysis, and strategic planning and program development services to government, non-profit and corporate clients.

To read the full report, visit princeton.edu.

For more on Appleseed Inc, visit appleseedinc.com.

Patch file photo