State budget allocates $7.5M to Stevens Institute of Technology, receives applause

The Stevens Institute of Technology is celebrating the $7.5 million allocation they received from the 2024-2025 New Jersey budget. They are thrilled to enhance their computer science and artificial intelligence programs with this funding. The state funding has been divided into two parts: $5.75 million for the university and $1.75 million for their artificial intelligence institute.

Stevens President Nariman Farvardin expressed his gratitude towards Governor Murphy, Senator Mukherji, Assemblyman Allen, Assemblywoman Ramirez, Senator Stack, Senator McKnight, Senator Sarlo, Senate President Scutari, and Speaker Coughlin for their continuous support of Stevens and recognition of the importance of AI and computer science in New Jersey’s economic future.

The funding will enable the institute to increase their capacity to educate more students in these high-demand fields and accelerate their AI research initiatives, which will ultimately benefit New Jersey’s technology workforce and innovation ecosystem. These improvements will allow Stevens to accommodate more students in dynamic, industry-relevant disciplines, enhance their research, and strengthen partnerships with industry collaborators.

In recent years, Stevens has experienced remarkable growth, with a 294% increase in undergraduate applications and a 385% increase in graduate applications over the last decade. The institute’s research awards have also grown by nearly 200% since 2011, showcasing their significant impact on technology innovation.

President Farvardin views the $7.25 million appropriation as a significant advancement in their efforts to meet the rising demand for AI education and research. He looks forward to leveraging this investment to continue providing the technology talent and innovations that drive New Jersey’s economy forward.