Hoboken, NJ – As Hoboken’s fourth-largest employer with 1,046 full- and part-time employees (excluding students), Stevens Institute of Technology was responsible for $117.2 million in city-wide economic output in fiscal year 2014, according to Appleseed, a New York City-based economic consulting firm.
Taking into account the impact of university spending on payroll, purchased goods and services, construction, and off-campus spending by students and visitors, Stevens was responsible for 1,285 full time equivalent jobs in Hoboken and nearly $99.3 million in wages and salaries. The overall economic impact of Stevens on Hudson County (including Hoboken) was nearly $165.1 million in county-wide economic output and $272.5 million in economic output for the State of New Jersey for the same period.
Beyond direct and indirect impact, university research also contributes to economic growth. In 2014 Stevens’ research spending was $28.2 million, but is predicted to grow to $80 million annually by 2022. The university’s research enterprise is strong in several areas of particular importance to the state’s economic growth and to the local community, including security and resilience of maritime commerce, marine and coastal engineering, health systems and health information technology, information security, and environmental sustainability.
Commercialization of research has also grown: 18 invention disclosures were filed by researchers in 2008; that number grew to 40 in 2014. New patent applications grew from 13 in 2008 to 20 in 2014; and the number of new ventures for start-up companies grew from two in 2008 to five in 2014.
“In addition to its impact on the local and state economy as an enterprise, Stevens plays a significant role in economic growth through the contributions of its graduates,” said Beth McGrath, chief of staff and director of community and state relations at Stevens. “Of the more than 40,000 living Stevens alumni across the globe, about half live and work in New Jersey and more than 600 live right here in Hoboken,” said McGrath. “These alumni have launched successful startups and led major national and international companies such as Verizon and LG Display.”
Stevens was also named #3 on Payscale.com’s return on investment rankings for 2015, another indicator of Stevens’ economic impact.
Stevens’ educational, in-kind, volunteer, and intellectual contributions also benefit the local and state communities. Teacher training programs offered by Stevens have benefited more than 250 Hoboken and hundreds of New Jersey teachers since 1988. The university has offered full and partial scholarships to Hoboken High School students over many decades: more than 50 Hoboken students have received more than $2 million in scholarship support since 1992. In addition, more than 300 Hoboken students participated in STEM (science, technology, engineering and math) camps and summer programs through Stevens and corporate and government support. Stevens students regularly volunteer at a variety of city events, and provide tutoring services, sports clinics, and neighborhood cleanup services. Faculty engage in technical assistance and collaborative research activities with the City of Hoboken and Hoboken-based organizations such as the New Jersey Tech Meetup, on programs ranging from smart energy initiatives, resiliency, storm water management, and technology innovation collaborations. Stevens also provides use of facilities for municipal programs such as the annual State of the City address and by local non-profit organizations, during off-peak times.
“What’s particularly striking about Stevens is the many different ways in which it contributes to the vitality of the region’s economy. It’s one of Hoboken’s largest employers, and a supplier of talented graduates to New Jersey and New York companies,” said Hugh O’Neill, founder and president of Appleseed. “Its impact is evident as well in what Stevens adds to the earning power of its graduates, in the innovative companies started by the university’s faculty members and alumni, in its contribution to strengthening science education in New Jersey’s public schools, and in its leadership in helping communities in New York and New Jersey respond to the challenges posed by climate change. And its impact in all of these areas is likely to be even greater five or ten years from now than it is today.”
Appleseed is a New York City-based consulting firm, founded in 1993, that provides economic and social research and analysis, economic development planning, strategic planning and program development services to government, non-profit and corporate clients.
About Stevens Institute of Technology
Stevens Institute of Technology, The Innovation University®, is a premier, private research university situated in Hoboken, N.J. overlooking the Manhattan skyline. Founded in 1870, technological innovation has been the hallmark and legacy of Stevens’ education and research programs for more than 140 years. Within the university’s three schools and one college, more than 6,800 undergraduate and graduate students collaborate with more than 380 faculty members in an interdisciplinary, student-centric, entrepreneurial environment to advance the frontiers of science and leverage technology to confront global challenges. Stevens is home to three national research centers of excellence, as well as joint research programs focused on critical industries such as healthcare, energy, finance, defense, maritime security, STEM education and coastal sustainability. Stevens is in the midst of a 10-year strategic plan, The Future. Ours to Create., designed to further extend the Stevens legacy to create a forward-looking and far-reaching institution with global impact.
The full text of Appleseed’s report, entitled The Innovation University: The Economic Impact of Stevens Institute of Technology, can be found at www.appleseedinc.com.