The Office of Economic Development (OED), a unit of the Office of Research and Economic Development, develops programs and physical infrastructure resources that strengthen and enable university, industry and government collaborations.
The goal of OED is to create an engaged university that is an integral part of the regional economy, local communities and industry attraction/retention efforts in the state.
The university has a significant impact on the state's economy, returning $6.70 in economic activity for every $1 of state funds received (fiscal year 2016). This was demonstrated in the 2017 economic impact report "Rutgers Grows the Garden State," A few report highlights include:
- 58,000 jobs: Employed annually directly or indirectly by Rutgers
- $160 million: Contribution to NJ local and state tax bases. Rutgers employees live in every county and legislative district in the state.
- $610.2 million: Direct payments annually to New Jersey businesses for goods, services and supples to support day-to-day operations.
- 280,000 alumni live in the Garden State and contribute to the tax base
- Rutgers technology spurred the creation of 119 startup companies; 39 active spin-offs/start-ups are located in NJ.
A video showing the impact of Rutgers on the New Jersey economy can be viewed here.
"In states across America, higher education institutions and systems are working to become key drivers of economic development and community revitalization … these trends suggest a new paradigm for economic development programs — one that puts higher education at the center of states’ efforts to succeed in the knowledge economy."