GLASSBORO, N.J. – The recent growth of Rowan University has had a positive impact on the area’s economy according to a recent study.
According to the university, Rowan’s statewide economic impact has increased 24 percent since 2015, a total of about $1.53 billion. Specifically, the university has undertaken $298 million in capital (construction) investments during the past 4.5 years; students have spent an additional $128 million a year throughout the state, in addition to tuition, fees, and room and board; and alumni living and working in New Jersey earn about an additional $197 million annually due to the education and credentials received from Rowan.
In Glassboro alone, Rowan generates approximately $136 million in total output, supporting 1,200 jobs outside the institution and contributing to $62 million in earnings according to the study.
“We have long been committed to provide not only an accessible and affordable education to our students but also to help the region’s economy grow,” Dr. Ali Houshmand, Rowan’s president, said in a press release. “These findings underscore the critical role higher education plays in the State’s economy.”
The report by private research firm Econsult Solutions states: “Rowan’s most direct and consistent contribution to the economy is through its expanding annual operations. Its ongoing operations and payroll to its employees support jobs and businesses within southern New Jersey and throughout the State. Since 1992, the University’s operating budget has grown at a remarkable pace: more than eight-fold from $63 million to $516 million today . . . In addition to being a major employer in the South Jersey region, Rowan is a significant purchaser of goods and services from local and state vendors.”
Not included in the study, but still impactful to the local economy are the projects undertaken by Rowan’s partners and affiliates that have been closely aligned with the University, such as the $426 million mixed-use Rowan Boulevard and Inspira’s new $350 million hospital. These projects provide temporary construction jobs and offer long-term employment opportunities, as well as generate income and tax dollars, according to the University. Houshmand indicated that these projects would not have happened without the University.
Houshmand also indicated that the rapid growth of the university has more than just an economic benefit.
“Rowan’s rapid growth over the past seven years has also led to the creation of new academic programs from associate degrees at partner community colleges to doctoral programs here at the university,” Houshmand said. “The impact these programs will have on the lives of our students and their families is incalculable.”
Rowan is the sixth-fastest-growing research institution in the nation.
- What’s Good In South Jersey? STEAMWorks To The Rescue – With Isaiah Showell
- Despite Setbacks, Local Muslim Community Gets Closer To New Mosque
- What’s Good In South Jersey? The Unexpected Challenge – With Isaiah Showell