Princeton University contributes to the economic vitality of New Jersey, and in particular the Princeton area, as a major employer, a buyer of goods and services from New Jersey companies, and a sponsor of construction projects.
Catalyst for Achievement
Princeton University consistently ranks among the largest, most stable employers in Mercer County with a workforce of more than 6,900 employees - more than 80 percent of whom live and pay taxes in New Jersey. In fiscal year 2015, the University paid nearly $602 million in employee salaries and $24.8 million in New Jersey state income and unemployment insurance taxes and paid family leave insurance. The University provides generous employee benefits - including $2.4 million in disability benefits paid in FY2015 - that relieve the burden on state resources and make Princeton a desirable place to work.
Catalyst for Opportunity
Princeton is a major purchaser of equipment, goods and services that advance its education and research mission, and it places a premium on relationships with local and regional suppliers. In fiscal year 2015, the University spent more than $453.6 million on purchases of goods and services, of which more than $51.5 million was paid to Mercer County businesses and nearly $137.3 million to New Jersey vendors.
As part of Princeton's institution-wide commitment to fostering diversity and inclusion, the University's procurement efforts make supplier diversity an integral part of the way in which it does business. The University is proud to count an increasing number of minority-owned, women-owned, veteran-owned, and small business enterprises among its suppliers.
Catalyst for Progress
Princeton University is housed on an historic campus that has evolved over the centuries to keep pace with advancements in society, in technology and in new fields of study. In fiscal year 2015, the University spent a total of $318.1 million on construction and maintenance projects. Of this, $136.6 million was paid to businesses in New Jersey, including $22 million paid to businesses in Mercer County. From fiscal year 2007 to fiscal year 2015, the University invested nearly $2.5 billion in construction and maintenance projects, guided by the 2006-2016 Campus Plan. Over the next five years, the University projects that it will spend at least $1 billion on maintenance and construction, not including major construction projects that will be included in its new 2026 Campus Plan.