Stevens Institute Contributed $117 million to Hoboken's Economy in 2014, Study Claims

How much money did Hoboken’s Stevens Institute of Technology contribute to the local economy last year?

According to a study conducted by Appleseed, a New York City-based economic consulting firm, the university was responsible for $117.2 million in city-wide economic output in fiscal year 2014.

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 study claimed.

University research – which came to $28.2 million in 2014 - also contributes to local economic growth, the study stated.

Commercialization of research has grown, according to the study. A total of 40 invention disclosures were filed by researchers in 2014, up from 18 in 2008. Forty new patent applications were filed last year, up from 13 in 2008, 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,” stated 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.”

File photo courtesy of Gildardo Sanchez

Send Hoboken news tips to [email protected]