GLASSBORO, NJ (CBS) – A South Jersey university is making a major economic impact on the state.

That’s according to a new study commissioned by the university and conducted by Econsult Solutions, Inc.

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The research, which considered Rowan’s $440 million operating budget the school’s main economic driver, found that the university has an annual statewide economic impact of $1.23 billion and supports more than 9,000 jobs for New Jersey.

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Rowan also generates $19 million in state taxes.

The Econsult study also predicts the school’s budget could surpass $1 billion by 2023.

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Rowan University, which is located in Glassboro, was recently ranked second in the country for “social mobility.”