The University has a billion-dollar impact on the New Jersey economy, according to a new analysis commissioned by Princeton.
A report prepared by Appleseed, a New York-based consulting firm, estimated that in fiscal year 2007 the combined direct and indirect impact of University, student, and visitor spending accounted for $1.09 billion in economic activity and 10,655 jobs throughout the state. Much of the economic impact is felt by neighboring communities, and the findings are expected to help the University respond to questions raised by some local residents and officials about whether Princeton is paying its fair share.
Here are some key numbers, also based on fiscal year 2007, from the report:
• $358 million: the University’s payroll for its 5,256 employees, of whom 88 percent are full time. Employee benefits totaled an additional $113 million.
• $218.8 million: University spending on research, with 90 percent funded by federal grants and contracts, 9 percent by private sources, and less than 1 percent from state government.
• $100 million: the amount spent on capital construction and major maintenance projects with New Jersey contractors.
• $37 million: estimated off-campus spending by the 718,000 people who visited the University from outside Mercer County.
• $34 million: estimated off-campus spending by University students.