Office of Public Relations
Pomona, NJ 08240
Richard Stockton College Releases First-Ever Economic Impact Report
Total Economic Impact of $226 Million Throughout New Jersey
For Immediate Release
Thursday, April 14, 2005
Contact: Tim Kelly
Stockton Public Relations
Galloway Twp., NJ – The Richard Stockton College of New Jersey’s aggregate economic impact to the Southern New Jersey region and state as a whole exceeds that of any Atlantic City casino property, according to a 2005 study released by the College today.
What’s more, Stockton is one of Atlantic County’s top employers, producers of jobs, and sources of spending in the region. Stockton’s current students alone spend nearly $19 million annually within the region. Its alumni generate close to $170 million in additional personal income beyond that earned by a comparable number of residents with high school degrees in Atlantic County.
Stockton, a public liberal arts college of 7,000 students situated on 1,600 wooded acres just outside of the casino resort has most often been known for its academic excellence – rated among the top five colleges in its category the last two years and three out of the last five years by U.S. News and World Report Magazine – and its environmentally friendly energy usage and location. Now, the College is placing new focus on its role as an economic driver in the region, in addition to its leadership position as a cultural and educational hub.
“While Stockton’s presence has always meant a great deal to the growth and vitality of our region, we never before examined the extent that has taken place,” President Herman J. Saatkamp, Jr. said. “What we are releasing today quantifies our thoughts and places the College’s economic contributions in a context to the region, state and local areas and does so in a significant way.”
Other key economic findings from the report include:
· Total college expenditures for the 2004 fiscal year were just under $100 million ($98,161,365)
· Estimated Atlantic County jobs created total 1,583
· Direct College economic impact throughout the state estimated at more than $226 million
· 24,449 Stockton alumni living in New Jersey generate more than $604 million in additional personal income in the state
In addition to the economic findings, the study looked at student, alumni and constituent profiles throughout the region and nation and examined Stockton’s existing $108 million capital budget, construction job impact, proposed Facilities Master Plan and long-range Capital Plan.
The approved $108 million capital budget will generate construction job impact for planned addition to the F-Wing, College Center, Science Building and Parking Garage including:
· More than 1,000 construction and construction site-related jobs
· More than 650 indirect off-site jobs
· Nearly $50 million in direct wage payments to workers
· $27 million in indirect wages
Among many other factors, the alumni profiles looked at the differences in wages earned by degree holders –an average of nearly $25,000 per year compared to high school grads – and applied these differences to the regional economy. For Atlantic County, the 6,868 Stockton alumni generate $169,811,300 in additional personal income. For the entire state, the figure swells to $604,501 million beyond that earned by a comparable number of residents with high school degrees for 24,449 alumni.
Prominent Stockton alumni include Mayors Chuck Chiarello, Richard DePamphilis II and Ralph Peterson of Buena Vista, Linwood and Pleasantville, Atlantic County respectively; George Toth, President, Sands Casino; Richard Santoro, Sr. VP of Corporate Security, Trump Taj Mahal Casino; Peter Caporilli, Founder and President, Tidewater Workshop; Rick Dovey, President ACUA; Jeff Ropiecki, VP Marketing, Cape Savings Bank.