Economic Impact

New Jersey’s 14 independent colleges and universities make an impact of over $10.4 billion on the State economy. Here’s how the independent sector is helping to drive New Jersey’s economy:

Expenditures (Salaries are included in each category; construction is excluded.)
Instruction $911,359,002
Academic & Institutional Support $853,229,888
Institutionally Funded Student Financial Aid $785,127,981
Residence and Dining Halls; Other Self-Supporting Enterprises $320,846,344
Other Student Living Expenses $308,159,150
Plant Operations $255,933,728
Student Services $345,180,497
Research $375,829,923
Visitor Spending $25,920,400
 
Employment
Development of Human Capital Research and Business Development Savings to the State of New Jersey More College Graduates,It’s Everybody’s Business
Employment
AICUNJ member institutions employ more than 18,700 people. The combined payroll of the State’s independent colleges and universities totaled over $1.2 billion in FY2015.

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Development of Human Capital
Each year we welcome more than 65,000 students who enroll with us to pursue a wide range of relevant associate, bachelor’s and graduate degree programs. More than two-thirds of our student body are New Jersey residents, increasing the likelihood that independent college and university graduates will apply valuable knowledge and skill sets to industry, science, education, public service and more.

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Research and Business Development
The independent sector also makes a significant contribution to New Jersey’s economy through research and other sponsored programs. In FY2015 independent colleges and universities spent more than $375 million on research. New Jersey benefits two ways: 1) grants and research bring in hundreds of millions that are spent in-state each year and 2) applied research conducted in partnership with New Jersey companies helps industry innovate, improve productivity and become more competitive.

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Savings to the State of New Jersey
AICUNJ member institutions saved the State of New Jersey more than $172 million in FY2015. This is $172 million the State would have spent if it were to subsidize the public education of New Jersey residents that the independent institutions enroll.

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More College Graduates, It’s Everybody’s Business
Did you know that New Jersey will need 20,000 more scientists by 2020 to fuel its green economy? Or that Equine is a $1.1 billion industry in our state? The 14 member institutions of AICUNJ supply the human capital plus many other innovations that are needed to move our economy forward. View our contributions by institution:

   
   
 

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