Montclair, NJ, March 12, 2012 – Montclair State University recently released its 2011-2012 Economic Impact Report outlining the positive contributions the University’s $396.5 million in economic activity made to the economy and quality of life of New Jersey in fiscal 2011.
While the University is dedicated to higher education, the 25-page report concludes that it is also an integral part of New Jersey’s economy and a consistent driver of its growth.
Montclair State is directly responsible for a growing number of jobs. In 2011, a total of 8,500 New Jersey jobs—both at the University and resulting from in-state expenditures—were attributable to the school. More than 90% of the 4,200 people employed by the University live in-state—and pay state property, income, and sales taxes.
A significant contributor to the state’s work force, the University conferred 68% more degrees in 2011 than it did in 2000. More than 90% of the students who graduated between 2000 and 2011 continue to live and work within the state. In fact, of the 101,402 living alumni for whom data is available, 78% still live in New Jersey.
Montclair State has responded to New Jersey’s educational needs by boosting undergraduate enrollment by more than 43% and graduate enrollment by 18% since 2000. The University currently serves 18,498 students from all 21 New Jersey counties, 30 states, and 85 foreign countries. The combination of increased enrollment, expanded academic programs and new on-campus facilities, further enhance the University’s contribution to the state.
The University’s tangible influence extends beyond its campus. In 2011, more than 82% of its $126 million in purchases were from New Jersey vendors. Montclair contributes $250 million to the state’s credit base, through investment funds such as endowments, employee mortgages, and employee and University payments to retirement systems.
Even as Montclair State continues to provide measurable economic benefits to New Jersey, state support for higher education continues to decline. The recently proposed 2013 state budget will not increase direct aid to its senior public colleges and universities. This continues a downward trend: New Jersey’s share of Montclair’s total revenue dropped from 55.2% in 1995 to just 24.5% in 2011. The $396.5 million in economic activity traceable to Montclair State was four times its total 2011 state funding of $98.7 million.
In terms of revenue, Montclair State has become increasingly self-reliant, garnering revenue from tuition increases, individual and corporate support, and external grants. In 2011 alone, for instance, the University brought more than $39 million from out-of-state sources into New Jersey.
Looking forward, Montclair State plans to continue to be both an exceptional educational resource and engine of growth for the state of New Jersey.
EDITOR’S NOTE: To view the entire Montclair State University 2011-2012 Economic Impact Report online, use the link below. If you would like a hard copy of the report, please call University Communications at 973-655-4333.
Economic Impact Report Link
Montclair State University
Montclair State University offers a comprehensive array of undergraduate and graduate programs to a highly diverse population of 18,500 students in an expansive university setting combined with an intensive focus on student learning and success. For more information, visit montclair.edu.
Media Contact: Diane Reed, 973-655-4334 or firstname.lastname@example.org