Stevens Institute of Technology to Receive $7.25 Million in New Jersey FY2025 Budget

Stevens Institute of Technology to Receive $7.25 Million in New Jersey FY2025 Budget

Hoboken, N.J., July 3, 2024 - Stevens Institute of Technology announced today that it will receive $7.25 million in direct appropriations in the State of New Jersey's Fiscal Year 2025 budget. This funding will bolster Stevens' ongoing steep upward trajectory and enable future growth of education and research programs in artificial intelligence (AI) and related fields.

The appropriation - championed by New Jersey Governor Phil Murphy; Legislative District 32 representatives Senator Raj Mukherji, Assemblyman John Allen and Assemblywoman Jessica Ramirez; Senator Brian Stack; Senator Angela McKnight; Senator Paul Sarlo; Senate President Nicholas Scutari; Assembly Speaker Craig Coughlin - will advance Stevens' educational and research growth related to AI and computer science, programs experiencing the highest enrollment increases and among the most robust research activity at Stevens, with unprecedented potential to revolutionize industry and everyday life.

"We are deeply grateful to Governor Murphy, Senator Mukherji, Assemblyman Allen, Assemblywoman Ramirez, Senator Stack, Senator McKnight, Senator Sarlo, Senate President Scutari and Speaker Coughlin for their steadfast support of Stevens and their recognition of the critical role that AI and computer science play in New Jersey's economic future," said Stevens President Nariman Farvardin. "This funding will allow us to expand our capacity to educate more students in these high-demand fields and accelerate our AI research initiatives, ultimately benefiting New Jersey's technology workforce and innovation ecosystem."

This funding will enhance Stevens' capacity to advance artificial intelligence research and education. It will support the expansion of the Stevens Institute for Artificial Intelligence (SIAI) and the Department of Computer Science and related fields. These enhancements will allow Stevens to accommodate more students in these dynamic, industry-relevant disciplines, increase its research and strengthen collaborations with industry partners.

Stevens has experienced unprecedented growth in recent years, with undergraduate applications increasing by 294% and graduate applications rising by 385% over the last decade. The institute's research awards have grown by nearly 200% since 2011, reflecting the university's substantial and growing impact on technology innovation.

"This $7.25 million appropriation is a significant step forward in our efforts to meet the growing demand for AI education and research," added President Farvardin. "We look forward to leveraging this investment to continue providing the technology talent and innovations that fuel New Jersey's economy."

About Stevens Institute of Technology
Stevens Institute of Technology is a premier, private research university situated in Hoboken, New Jersey. Since our founding in 1870, technological innovation has been the hallmark of Stevens' education and research. Within the university's three schools and one college, more than 8,000 undergraduate and graduate students collaborate closely with faculty in an interdisciplinary, student-centric, entrepreneurial environment. Academic and research programs spanning business, computing, engineering, the arts and other disciplines actively advance the frontiers of science and leverage technology to confront our most pressing global challenges. The university continues to be consistently ranked among the nation's leaders in career services, post-graduation salaries of alumni and return on tuition investment.

Stevens Media Contact
Kara Panzer
Director of Public and Media Relations
Division of University Relations
845-475-4594
[email protected]