Princeton University projects that it will spend at least $1 billion over the next five years constructing and maintaining facilities on its New Jersey campus.
The estimate is one of many figures included in an analysis of the university’s economic impact in Princeton, Mercer County and the Garden State as a whole.
The analysis by Appleseed Inc. says that Princeton accounted for $1.58 billion in economic output in New Jersey in fiscal 2015. That includes nearly $601.9 million in payroll, $453.6 million spent on the purchase of goods and services, $318.1 million spent on construction and maintenance.
“Princeton University consistently ranks among the largest, most stable employers in Mercer County with a workforce of more than 6,900 employees,” the analysis says.
The university’s plans to allocate more than $1 billion for facilities are in addition to the nearly $2.5 billion it has spent on construction and maintenance projects between 2007 and 2015.
“Princeton University is housed on a historic campus that has evolved over the centuries to keep pace with advancements in society, in technology and in new fields of study,” the report states.
Other numbers that quantify the university’s impact:
- Research spending for fiscal 2015 (provided by external and internal funding sources) totaled $457.6 million in 2015. “While most of the University’s research expenditures focus on basic research, there has been growing emphasis on developing real-world applications of basic research findings, programs to encourage entrepreneurism and research collaborations with industry partners,” the report says.
- Of the $453.6 million spent on purchases of goods and services, nearly $137.3 million was paid to New Jersey vendors, including $35 million paid to Princeton-area businesses and $16.5 million to businesses in the rest of Mercer County. “The university is proud to count an increasing number of minority-owned, women-owned, veteran-owned and small business enterprises among its suppliers,” the analysis states.
- Students spent $59.7 million off campus in fiscal year 2015, the majority of which supported local establishments. “In addition to those studying or working at the university, approximately 768,000 people visited the Princeton campus for admission visits, alumni gatherings, commencement, lectures and conferences, athletic events, the art museum and arts performances, and other purposes,” the report says.
- Off-campus spending by visitors from outside Mercer County totaled $49.7 million and generated, directly and indirectly, $63.4 million in economic output across Mercer County.