Glassboro, NJ - In a recent study by Econsult,it was found that Rowan University, which has a $440 million operating budget, has an annual statewide economic impact of $1.23 billion and supports more than 9,000 jobs for New Jersey. The study, entitled "The Rise of Rowan University as a Regional and Statewide Economic Engine," also generates $19 million in state taxes.
ro"Rowan, which as Glassboro State just 23 years ago had a relatively small economic footprint, has quickly evolved into a regional powerhouse," ESI vice president and principal Lee Huang said.
The study projects that Rowan will continue to expand along with its role as a key economic development agent in South Jersey and Houshmand believes Rowan's budget could top $1 billion by 2023.
A second ESI report detailing Rowan's impact on its host communities is expected to be released this spring.
Among other study findings:
The study projects that Rowan will continue to expand along with its role as a key economic development agent in South Jersey and Houshmand believes Rowan's budget could top $1 billion by 2023.
A second ESI report detailing Rowan's impact on its host communities is expected to be released this spring.
Among other study findings:
- Over the past five years on average, Rowan capital projects had an annual statewide economic impact of $68 million, supported 540 annual jobs and annually generated $1.8 million in state taxes.
- Student and visitor spending injects $107 million into the state economy on average each year, supports 1,300 jobs and generates $3 million in state taxes.
- Degrees and credentials from Rowan drive demand for 1,000 in-state jobs per year, enable New Jersey residents to earn an additional $140 per year and generate $3 million in state taxed per year.
