Business & Finance

Rutgers Says it Sparks $5.2B in Economic Growth Per Year

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NEW BRUNSWICK, NJ — What does Rutgers University do for New Jersey? A lot, according to a new university-issued report on its economic impact.

Each year, Rutgers spurs $5.2 billion in economic movement. In 2016, for instance, each state-funded dollar that went to the university yielded $7 in activity. What’s more, Rutgers teaches, employs and provides medical care to tens of thousands people annually, according to the report.

“It’s gratifying to see these numbers, which quantify one of the many positive impacts of our work as a public research university,” Rutgers President Robert Barchi said in a statement. “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.”

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The report showcased a number of statistics that are sure to make Barchi and other stakeholders happy. Among them:

Rutgers spends $658 million each year on research and development, a number that tops all other New Jersey colleges and universities combined.

In the past five years, Rutgers has shelled out $1.14 billion on construction and renovations. That sum provided for 12,000 short-term jobs and generated another $1.2 billion in economic activity.

The university fuels $4.3 billion in annual pay to its 26,000 employees and the 32,000 people whose jobs are indirectly buttressed by Rutgers. Their employment return $798.2 million in state and local taxes.

The school paid $610.2 million to businesses in New Jersey over last year.

Finally, Rutgers garners $31.5 million per year from income on patents and licenses.

“Rutgers is certainly one of the more powerful economic engines moving the state’s economy forward,” said James Hughes, dean of the Edward J. Bloustein School of Planning and Public Policy, which authored the report. “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.”

The university has also provided $684 million to “helping people with their health care needs,” providing care and performing clinical trials, according to the report.

In 2016, Rutgers Health employed 13,000 medical workers, who handled 2.1 million patient visits. The group also provided $12.6 million in “low-cost and no-cost” care to low-income patients.

Roughly 280,000 Rutgers alumni live in New Jersey, according to the report. The university each year enrolls 69,000 students at its three campuses and another 50,000 in continuing-education classes.

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