15 independent colleges pour $16.5 billion into Connecticut’s economy
According to a study conducted by New England Council member, Connecticut Conference of Independent Colleges (CCIC), 15 non-profit independent colleges have had a $16.5 billion impact on the state’s economy.
The study was conducted by Mark Gius, Ph.D., Professor of Economics at Quinnipiac University. “In order to estimate the economic impact of the independent colleges and universities of Connecticut, I obtained expenditure data from the universities and university visitors and students. I then calculated induced spending which is spending that is generated by university and university-associated spending. The total economic impact of the institutions of CCIC is the sum of the direct and induced spending.”
Among the findings, the fifteen independent colleges and universities in Connecticut:
• Generate a total impact on the Connecticut economy of $16.52 billion representing a direct economic impact of $10.1 billion in direct institutional spending for employee spending, university purchases, capital expenditures, student, visitor, and alumni spending, as well as another 6.4 billion in induced spending.
• Created/retained 127,264 jobs in Connecticut in 2021 as a result of the economic activity generated by the sector.
• Supported over 227,000 alumni living in the state who had annual earnings of $18.3 billion that generated significant taxes and spending on the local level.
• Are magnets for students and visitors who spent at least $831.3 million.
Please view a summary of research findings at this link.
The New England Council commends the CCIC for conducting this important study.
Read more from Connecticut Conference of Independent Colleges’ report.