Montclair State University students spent $137 million in New Jersey for the 2015 fiscal year as a result of shopping, eating out and purchasing food, in addition to participating in many other forms of commerce, according to a newly released economic impact report.
Student spending alone created 760 jobs and $30 million in earnings for the state. Outside of the state, students contributed an additional $31 million in spending.
Montclair State released its economic impact report for 2015 at the beginning of the month, almost tripling its total economic impact from the 2012 report.
Considering all university spending, tax revenue, capital investments, wages and the amount of money students spend, Montclair State brought in $1.1 billion, a $745.9 million increase from the total impact of 2012.
The report also revealed that 78 percent of students receive at least one form of financial aid during their time at Montclair State, either through federal or state aid or scholarships, resulting in $60 million total going toward student education.
Montclair State also boasts significant contributions to the state economy. The school’s financial impact supported 9,300 jobs in the state, up by 1,286 jobs since the report in 2012.
Additionally, Montclair State gave back $106 million into local economies by using New Jersey services, up again by over 34 percent from $78.8 million in 2012.
Of 110 million alumni, 79 percent live in New Jersey and about 49 percent live and work in the state, all of whom contribute to the New Jersey economy through their careers, spending and taxes. Both of these numbers are down from the 2012 report, which published that 91 percent of Montclair State alumni live and work in New Jersey.
The report includes a message from President Susan Cole about the recent impact. Cole said of the economic significance of the university, “This report illustrates the many benefits accrued to New Jersey as a result of the learning and exploration that occurs here at Montclair State. It is an impact that is felt in every county in New Jersey; an investment that will continue to pay dividends for generations.”
Find the full report here.