Earlier this year, economic consulting firm Econsult Solutions, Inc. (“ESI”) found Montclair State University to be a major contributor to the well-being of the New Jersey state economy in the fiscal year 2015. The university’s contributions amount to over $1 billion.
Clearly, an extra $1 billion flowing through the Garden State can only be aid in the growth of an economically healthy state. As Montclair State’s impact continues to grow, positive changes are already evident right at home.
In just a short stroll around campus, people can be seen landscaping the spring flowers, constructing the new School of Communication and Media and molding the minds of the future. These familiar faces of faculty and staff are vital to Montclair State, as these employees continue to help the university run effectively and efficiently each day. ESI found that Montclair State currently supports 9,300 jobs, which amounted to $236 million in wages and benefits in 2015.
Through the increase in employment opportunities from Montclair State, more people can now better provide for their families, and this comes to New Jersey at a critical time, because, just a few months ago, NJ.com reported there are a “record number of New Jersey residents living in poverty.” Montclair State is beginning to make a small dent in New Jersey poverty levels by offering such a wide array of opportunities for employment. In the future, it can only be suspected that more job opportunities will begin to appear, as Montclair State’s student population continues to grow as it has in past years.
While jobs are helping those families who may be in need, students are creating their own impact in Montclair and the surrounding towns. ESI found that students at Montclair State “stimulate state and local economies with [the] direct spending of $168 million per year at off-campus restaurants, shops and other venues.” Clearly, students are not as poor as they portray themselves to be.
In fact, student spending has supported “more than 700 jobs and $30 million in earnings within the state.”
Montclair State is not the only one supporting job growth around here — students are, too. This is great for students who live in the area and are looking for part-time or even full-time jobs. By supporting businesses in the area, more jobs can be created, which will hopefully be filled by more students who could definitely use some extra money.
All in all, students are finally equipped with some spending money in their pockets, and Montclair State is trying to keep it there. While Montclair State is one of the more affordable institutions of higher education in the state, many students still complain about how much it costs. Admittedly, many of the fees Montclair State charges students are excessive, but even if Montclair State was free, students would still find a way to complain about the cost. ESI’s report found that Montclair State provides students with “more than $195 million in total scholarships” along with “other financial aid.” This has helped a large amount of students who come from low-income homes afford to attend college and go on to earn their degrees.
Even though many people feel like they need a degree to understand economics, Montclair State has made it apparent that New Jersey’s economy is moving in the right direction due to its report. Montclair State is impacting the economy in a positive manner and, with steady growth, the university will prove New Jersey has a bright future ahead.