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Econsult Solutions, Inc. (ESI) was retained by Rowan University in Glassboro, N.J. to perform a study to determine the economic impact of the university to the state of New Jersey.
The study, entitled “The Rise of Rowan University as a Regional and Statewide Economic Engine,” used established input-output economic models that considered Rowan’s $440 million operating budget the university’s main economic driver.
ESI’s study determined that Rowan has an annual statewide $1.23 billion economic impact that supports roughly 9,200 jobs statewide and generates $19 million in state taxes.
In the same press release, ESI vice president and principal Lee Huang praised the university for the economic strides it has made since it changed its name in 1992.
“Rowan, which as Glassboro State just 23 years ago had a relatively small economic footprint, has quickly evolved into a regional powerhouse,” 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:
- 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.
The full release and a Rowan economic engine fact sheet can be downloaded below.
