By Philip Sean Curran, Staff Writer
Princeton University plans to spend “at least” $1 billion in the next five years on construction and maintenance projects, according to a report out Tuesday showing how the university is an economic engine for New Jersey., That anticipated spending is “not including major construction projects” that will be part of its 2026 campus plan, the report showed. The school is in the midst of planning the growth of its campus, including accommodating an influx of 500 undergraduates and building a place for them to live., If history is a guide, a big chunk of that construction work will go to in-state companies., In the same report, the university said that for the 12-month period ending June 30, 2105, it had spent $318.1 million on construction and maintenance, with 43 percent of it, or $136.6 million, going to businesses in New Jersey., During that time period, the university said it was responsible, directly or indirectly, for $1.58 billion “in economic output” in the state and supported 13,450 jobs. The university itself has 6,906 employees, 58-percent of whom live in the Princeton area or other parts of Mercer County, according to the report., Princeton President Christopher L. Eisgruber is among those 58 percent who live nearby the school., “Princeton University takes prides in its longstanding partnership with the communities that surround it,” he said in a statement. “Through on-campus learning opportunities, joint transportation and safety programs, community service projects, and initiatives that encompass the arts, entrepreneurship and many other areas, the University and its neighbors continue a vibrant tradition of cooperation founded on shared values, interests and histories.”, The economic impact study was prepared for the university by a consultant, Appleseed.
