PrincetonUniversityA P R I N C E T O N P R O F I L E 1 9 9 8 - 9 9
Community Impact
Regional Economy
With an overall work force of approximately 11,200, Princeton University is the largest private employer in Mercer County and one of the largest in the region that includes Mercer, Middlesex, Somerset, and Burlington counties.
The institution's overall regional economic impact amounted to more than $1 billion dollars for 1997-98, based on the University's total expenditures of approximately $600 million, along with the expenditures of an estimated 400,000 people attending events on campus and the expenditures of thousands of students and employees.
The University tries to purchase goods and services in New Jersey as much as possible. It is estimated that 98 percent of the $65 million spent on construction in 1997-98 went to New Jersey firms. About half of the $67 million in purchases were made within the state, bringing Princeton's total spending with New Jersey companies to $97 million.
Serving as a major employment center for the state, Princeton is the source of $5.8 million in New Jersey state income tax revenue generated by those on the University payroll. In addition, the University's intense economic activity creates employment opportunities not only on the campus, but also within businesses and industries whose economic health is linked to the University.
Princeton University plays an important role in attracting prestigious international corporations to central New Jersey, particularly to the University-developed Forrestal Center properties in Plainsboro and South Brunswick, which feature premier office, retail, and residential space worth $710 million. Since its inception a decade ago, the Center for Photonic and Optoelectronic Materials (POEM) has formed research and development partnerships with more than 100 companies, generating at least $100 million in expanded economic activity. According to Moody's Investor Services, the University's positive effect on the local economy is the dominant factor in the Triple A bond rating for Princeton Borough, Princeton Township, and the Princeton Regional School District.
Expenditures, 1997-98
- Total expenditures: $601 million
- Operating expenditures (including payroll): $550 million
- Capital expenditures: $51 million
- Construction spending: $65 million
- Goods and services: $67.3 million
Employment, 1997-98
- Total: 11,124. Includes 4,068 benefits eligible and 950 part-time employees, as well as 1,277 temporary and 4,829 student workers.
- Total payroll: $305.75 million
Visitors, 1997-98
- Estimated total: 400,000 (factoring for duplication; many visitors attend more than one event)
- Athletic events: 150,000
- Concerts at Richardson and other auditoriums: 100,000
- Art Museum: 69,000
- Conferences (non-alumni related): 30,000
- Orange Key tours: 28,610
- Firestone Library: 22,000
- Alumni Council activities: 14,000
- Commencement: 10,000
- Woodrow Wilson School programs: 4,500
- Princeton Plasma Physics Laboratory (PPPL): 2,000
- POEM Center, Engineering School: 500