Kean University is a member of the New Jersey Association of State Colleges and Universities, which commissioned an economic impact study completed by ESI in 2021. This study found that the seven member institutions collectively had a $6.1 billion impact on the state economy, supporting about 26,000 jobs in the state and generating about $220 million in annual tax revenues for the State of New Jersey.
In 2024, Kean sought an updated estimate of its own economic impact, inclusive of how much that impact benefits the surrounding local communities. The analysis also accounts for growth experienced by the University since the 2021 study, including significant increase in its external research funding levels.
Economic impact estimates were generated by utilizing input-output models to translate an initial amount of direct economic activity into the total amount of economic activity that it supports, which includes multiple waves of spillover impacts generated by spending on goods and services and by spending of labor income by employees.
To model the impacts resulting from the direct expenditures, ESI developed a customized economic impact model using IMPLAN. IMPLAN represents an industry standard approach to assess the economic and job creation impacts of economic development projects, the creation of new businesses, and public policy changes within its surrounding area. IMPLAN has developed a social accounting matrix (SAM) that accounts for the flow of commodities through economics.
Kean University plays a pivotal role in the economic and social landscape of New Jersey. Through its annual operations, capital investments, student and visitor spending, and the enhanced earnings of its alumni, Kean University contributes significantly to the state’s economy. The university supports a substantial number of jobs and generates significant economic activity. Specifically, Kean’s operations contribute an estimated $436 million to the economy of Union County and $520 million to the state of New Jersey, supporting nearly 2,900 full-time equivalent jobs statewide.
Spending by Kean University’s students and visitors adds another layer to its economic impact. This spending totaled approximately $152 million across the state, with substantial expenditures on food, rent, transport, and retail, supporting the growth of a vibrant local business community. The resultant economic activity supports about 1,100 full-time equivalent jobs in New Jersey and generates an estimated $159 million in total economic impact.
Kean’s alumni enjoy a significant wage premium as well, reflecting the value of the education they receive. The estimated direct aggregate alumni wage premium for FY 2023 is $591 million for bachelor’s degree holders and $35 million for those with advanced degrees. This increased earning power translates to a substantial economic impact, estimated at $576 million for New Jersey, supporting nearly 2,600 jobs and generating over $31 million in tax revenues. The alumni wage premium highlights the long-term economic benefits of the University’s educational programs.
As an anchor institution, Kean University fosters economic growth, enhances the quality of life in its surrounding communities, and prepares students to become future leaders and innovators. The ongoing and multifaceted contributions of Kean University underscore its critical role in driving economic and social development in New Jersey.
Today, Kean has grown into a comprehensive global institution of higher education, serving a diverse student body of over 17,000 undergraduates and graduates worldwide. It offers more than 50 undergraduate programs, 23 online programs, and 70 graduate and certificate programs. Kean is committed to providing an affordable, accessible, and world-class education that prepares students to excel in their chosen fields.
