Montclair, NJ -- Montclair State University recently released its 2008-2009 Economic Impact Report, which provides information and statistics showing the economic benefits the University provides to the state of New Jersey. The 12-page report includes charts and graphs on topics including expenditures, employment, enrollment and investments, among others.
According to the report, while the University's core mission lies in higher education, it is also an integral part of the New Jersey economy and a steady driver of its growth. In fact, Montclair State's impact extends well beyond its students and employees to create income and employment for thousands of people throughout the state, many of whom have no direct connection to the University.
For instance, more than 7,000 New Jersey jobs, including those at the University and those that resulted from in-state expenditures, were attributable to Montclair State in 2008. In addition, 77 percent of the University's $86.3 million in purchases in 2008 were from in-state vendors.
The University is also a major contributor to the state's work force, conferring almost 53 percent more degrees in 2008 than it did in 2000. Additionally, 94 percent of those who earned degrees since 2000 reside in New Jersey. The report notes the powerful relationship between education and economic success, citing the U.S. Census Bureau estimation that the work-life income of the average bachelor's degree earner will exceed the total income of the average high school graduate by about $900,000. About 72,500 Montclair State alumni are spending, saving and investing their money, and paying taxes in New Jersey, according to the report.
Despite the benefits higher education brings to New Jersey, state support continues to decline. At Montclair State, state support was cut in half from 55.2 percent of its operating budget in 1995 to 27 percent in 2009. Between 2000 and 2009, the University's state allocation per student decreased from $3,366 to $2,550.
In September, New Jersey's nine state colleges and universities launched a statewide campaign, "Nine Strong for a Stronger New Jersey," to underscore the collective value and critical role of the state colleges and universities.
EDITORS NOTE: Click here to view the complete Montclair State University 2008-2009 Economic Impact Report online. Hard copies of the report are available by calling University Communications at 973-655-4333.
Released: June 9, 2009