Annual Economic Impact of Metropolitan Campus
Teaneck and Hackensack
Annual economic impact refers to measurable contributions to the cash flow of the local economy that are attributable to the institution. In the case of higher-education institutions, the measurable contributions come from spending by the institution, the employees and the students.
During fiscal year 2009, the Metropolitan Campus spent $3,595,192 in Teaneck and Hackensack for various goods and services.
Out of 647 full-time employees, 74 lived locally in Teaneck and Hackensack. Out of 531 part-time employees, 50 lived locally. Together, they earned a net income of $3,119,188.
Three components are used to calculate the local expenditures by the employees of the institution:
(1) the disposable income of all locally residing employees spent on non-housing items [see note 1 at right]
(2) rental expenditures by full-time employees residing locally [see note 2 at right] and,
(3) expenditures of non-local, full-time employees in the local area [see note 3 at right]
Total local expenditures by employees amounted to $2,582,033.
Direct local expenses ascribed to students were $13,161,000.
Total direct expenditures by the college, the employees and the students amounted to $19,338,225.
Spending creates jobs. And the spending of $19,338,225 would yield an additional 193 jobs in the local area.
1 A product of: (a) net income of employees living locally, (b) estimated non-housing expenditures and (c) estimated in-county expenditures.
2 A product of: (a) total number of employees living locally, (b) percentage of people who rent, (c) average rent for the area and (d) 12 months.
3 A product of: (a) total number of employees living outside the defined area and (b) $1,000.