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Powering New Jersey’s Economy

Economic Impact Analysis Study 2016

NJIT’s unique position as one of the nation’s preeminent polytechnic institutions, along with our strong commitment to economic and workforce development, contributes over $1.7 billion annually to the State of New Jersey.
Joel S. Bloom - President

$1.74 Billion

Economic impact annually to the State of New Jersey

11,353 Jobs

generated annually in the Garden State

$941.8 Million

research-related activity.

Vibrant Business

90 companies, employing 800 people attracting over $65 million in third-party funding generating up to $82 million in annual revenue through the largest incubator in the State
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Education and Research

$110 million research expenditures with 40 specialized labs and research centers

Community and Investments

$382.8 million estimated capital spending for a 6-year period through fiscal year 2018, creating 830 jobs
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STRATEGIC PRIORITIES

This economic impact analysis, based on the work of Econsult Solutions Inc., an outside consulting firm, is organized into five sections that align with the 2020 Vision – A Strategic Plan for NJIT. The “impact categories” highlight the contributions of each strategic priority area listed below:

IMPACT CATEGORY

Total Output

New Jersey – $1.7363 Billion.

  • Students
  • Learning
  • Scholarly Research
  • Community Engagement
  • Investments

Total Output

Newark – $635.7 Million.

  • Students
  • Learning
  • Scholarly Research
  • Community Engagement
  • Investments

Students

11,325 students enrolled for STEM careers. Demand for NJIT graduates exceeds supply.

Learning

50 undergraduate and 59 graduate degree programs, including 19 doctoral degree programs, to include learning outside the classroom through undergraduate research, social service, professional internships, co-op employment, study abroad, and a wide range of extra curricular activities.

Scholarly Research

100 recent full-time hires including 68 faculty and 32 lecturers to continue to raise NJIT’s profile as a national and international leader in basic and applied STEM research.

Community Engagement

45,221 community service hours serving 260 non-profit agencies by NJIT students in 2015.

Investments

2,200,000 sq. ft. increase in NJIT’s physical plant as the institution continues to grow its human, physical and technological resources.
NJIT QUICK FACTS
  • 75,300 employees, working in 665 New Jersey organizations, have been trained by NJIT's Division of Continuing Professional Education since 1990
  • Over one-quarter of all engineers working in New Jersey hold an NJIT degree
  • Founded in 1881 as Newark Technical School
  • 2,150 full and part-time faculty and staff
  • Designated as an Innovation and Economic Prosperity University through the Association of Public and Land-grant Universities (APLU)