The Building Our Future Bond Act is a much–needed capital investment in academic and research facilities at New Jersey's colleges and universities that will prepare our students for a global economy with a world class education, attract businesses, innovators and entrepreneurs, and power our state economy into the future.
- New Jersey is one of only five states in the nation that has spent no money on capital improvements for higher education in the last five years, a list that includes Alabama and Montana. Meanwhile, states like New York and Connecticut are investing hundreds of millions of dollars annually in their higher education facilities.
- New high–tech facilities at New Jersey's colleges and universities mean a strong economy into the future, by preparing our students to compete in a global economy with China and India – with good jobs and benefits. Our ability to invest in our workforce means preparing for the jobs of the future and building a strong New Jersey economy.
- Bond Act funds will only be spent on academic and research facilities, not buildings for bureaucrats or high–priced sports arenas, and colleges will have to pay 25% of the costs meaning the benefits of the Bond Act go far beyond the initial investment. In this tough economic climate, this investment focuses on the most critical of priorities to ensure New Jersey can compete.
- The last large scale capital investment at New Jersey's higher education institutions occurred 24 years ago, and since then technology and research have changed dramatically. Our students need and deserve a world–class education, this investment will lead to better educated students prepared to compete and thrive in a global economy.
ABOUT THE BUILDING OUR FUTURE INVESTMENT:
- The bipartisan Building Our Future Bond Act is supported by Governor Chris Christie and was passed overwhelmingly by the State Assembly (76–1) and the State Senate (38–1). It has broad support among New Jersey's business and labor communities because of the positive, lasting economic benefits for the state.
- A Rutgers University study found that the Building Our Future investment would mean 9,834 direct and indirect jobs will be created annually.
- A Rutgers University Study found that the Building Our Future investment will mean more than a $715 million increase in New Jersey’s GDP annually.
- A Rutgers University Study found that the Building Our Future investment would mean annual employment compensation of more then $549 million for New Jersey’s struggling families.
- A Rutgers University Study found that the Building Our Future investment would provide millions in new state tax revenue annually.
- 49 higher education institutions in New Jersey stand to benefit, with $150 million earmarked for community colleges, $300 million for large public research universities, $250 million for state colleges and $50 million for private institutions, except for Princeton University. Colleges must meet 25% of the capital funding for projects funded by the Bond Act.
- In addition the Building Our Future investment will focus on preparing our students for a global economy, providing up to date research, science, and academic buildings.
- The long–term impact of this investment will allow for our New Jersey workforce to attract the best companies, providing our state an economy built to last long into the future.
- The long–term impact of this investment will allow for New Jersey institutions to attract the best and brightest from out of state to live, work and raise a family in our state.
- The long–term impact of this investment will attract additional investments in research positioning New Jersey to attract the industries driving the economy of the future.
- The long– term impact of this investment will provide access to Higher Education to even more of our students, creating better incomes for our families.
- The long–term impact of this investment will provide our companies the ability to recruit in state and gain a workforce with the appropriate education needed to maintain competitiveness.