It’s official; Princeton University runs New Jersey.

According to the University’s 2007 financial report, Princeton generated roughly $1.09 billion in gross revenue last year from out-of-state investments, grants, federal research funds, etc. As a result, more jobs became available to New Jersey residents, which, in turn, led to increased spending in the area.

Economic jargon aside, this means New Jersey benefits from simply housing a university with an exorbitant endowment.

Ah, New Jersey. First, you leech off of New York City, and now, you incestuously look inward—at Princeton.

The Daily Princetonian smugly elaborates:

Durkee emphasized that the University will not stop contributing to the local economy, noting that “there are still over $3.5 billion in projects going forward. That is a lot of economic activity.”

He said that because the University is “a very stable employer and a very stable contributor to the economy,” it will play an “even more significant role” in the local community as the economy continues to falter. “As other entities may have to lay people off or cut back on their production, the University is able to continue its operations and employ its staff,” he said. “And that’s a great economic advantage.”

[…]“We have been widely distributing the report to local officials and interested citizens,” Durkee said. “It is the kind of study a number of other universities have conducted, and they have found it helpful in their communities and states to have an outside organization come in and take a look at the nature of their economic impact.”

No word yet on whether or not officials are considering changing the state’s name to New Princeton, but considering the rate at which local businesses are jumping on the gravy train, I imagine it’s only a matter of time.