As Saint Peter’s continues to move forward with innovative development projects, the impact of the College on the surrounding Jersey City community and the broader state of New Jersey cannot be underestimated. A new Economic Impact Report produced by the College offers insight into the many unseen ways that Saint Peter’s contributes to the economic growth of its home. Additionally, the report presents specific details of the direct and indirect spending attributed to the College community, which totals more than $268 million.
The recently released report, based on data from Fiscal Year 2010, illustrates the financial advantages that the College brings to the region. Through Saint Peter’s outstanding academic program, faculty members who are leaders in their fields spearhead grant-funded initiatives that attract significant investments from corporations and foundations. Both science-based research and community development programs at the College have received major financial investments in the past fiscal year to provide a strong foundation for growth. Examples include an award of $93,000 for the Leadership Development Sustainability Project and $73,000 from the Defense University Research Instrumentation Program for the College’s Center for Microplasma Science and Technology.
Additionally, Saint Peter’s community connections are stronger than ever. Not only do students contribute economically to the area, but they also give of themselves as well. Last year, more than 850 students contributed a combined total of 16,000 hours of service to local, national and global organizations. While students may be unfamiliar with the Jesuit value of being a person for others when they arrive on campus, they graduate with a sense of their own responsibility to give back and help others. In contrast to a trend reported in The Star-Ledger, where New Jersey lost more residents than all of but four other states, Saint Peter’s alumni overwhelmingly choose to stay in New Jersey, where their financial power greatly impacts the state economy.
The Economic Impact Report can be downloaded as a PDF or viewed in its entirety below, including all direct spending by the College’s operating budget, employees, students and visitors, as well as indirect spending attributed to the College community.