Rutgers University fuels New Jersey’s economy as a leading research institution that generates $5.2 billion in economic activity annually and educates, employs and provides healthcare services to tens of thousands a year, according to a new economic impact report issued by the university.
The economic snapshot notes that for every $1 of state funds received by Rutgers, the university returned nearly $7 in economic activity in Fiscal Year 2016. The report is produced by the economic advisory service at the Edward J. Bloustein School of Planning and Public Policy.
“It’s gratifying to see these numbers, which quantify one of the many positive impacts of our work as a public research university,” said Rutgers President Robert Barchi. “In our research, our outreach and the education we provide to people across the state and across the life span, Rutgers is producing results that support jobs and make life better in the Garden State.”
The university is New Jersey’s third largest nongovernmental employer, directly employing more than 26,000 faculty and staff, indirectly supporting nearly 32,000 additional jobs in the state and generating $4.3 billion in annual compensation. Rutgers also hires New Jersey companies to construct new buildings and renovate existing ones, and is in the midst of its greatest building expansion in more than 50 years.
“Rutgers is certainly one of the more powerful economic engines moving the state’s economy forward,” said James Hughes, dean of the Bloustein School. “Rutgers is instrumental in creating the high-technology, information-based industries of the future for New Jersey, and the highly skilled workers that are necessary to staff them.”
Highlights of the analysis show:
“Our analysis finds that, as a major employer that spends more than $600 million with New Jersey businesses annually, Rutgers creates a significant economic ripple effect throughout the state,” said Will Irving, coauthor of the economic impact report and a Bloustein School project manager. “This report highlights the jobs, new businesses, tax revenues and many other valuable contributions that Rutgers provides to New Jersey and which are often overlooked.”
Meanwhile, Rutgers devoted $684 million to helping people with their healthcare needs, providing outstanding patient care, in addition to 350 clinical trials and the latest technology and treatments.
Rutgers Health – the university’s patient care organization that employs more than 1,300 healthcare professionals – handled 2.1 million patient visits to all locations in FY 2016. Rutgers Health also provided $12.6 million in low-cost and no-cost, high-quality healthcare services to low-income patients, particularly those who live in traditionally underserved areas.
“Healthcare has been an economic driver of the state and national economy over the last decade, and Rutgers is helping make New Jersey a much more significant player in the healthcare field,” Hughes said.
New Jersey also is home to 280,000 Rutgers alumni, many of whom are employed in New Jersey, pay taxes, and buy houses and goods. Every year, Rutgers educates 69,000 students at its locations in New Brunswick, Newark and Camden and provides continuing education for another 50,000.Related Articles: