April 10, 2019

Report: Private colleges in state spend $33B annually

PHOTO | File image
PHOTO | File image

A biennial economic impact study examining the role Connecticut's private colleges and universities play in the economy was released last month by the Connecticut Conference of Independent Colleges (CCIC).

According to the report, based on data compiled in 2017, 15 nonprofit colleges and universities in the state together pumped $33.2 billion into the economy each year.

Of that sum, $20.4 billion was direct spending — dollars spent directly by the schools, their employees, students and visitors. The remaining $12.8 billion was "induced" spending — additional employment and expenditures of local industries that flow from schools' direct spending.

In addition, direct college/university purchases generated $1.1 billion in spending in Connecticut in 2017, while students and their visitors at the 15 schools spend $902 million that year, according to the CCIC report.

Beyond dollars, the 15 private schools reported that they in the aggregate created and retained 257,939 jobs in Connecticut while also accounting for some 220,000 alumni living in the Nutmeg State. The schools also employ almost 30,000 workers statewide.

More than 80,000 students attend the 15 schools, representing almost exactly half (50.5 percent) of all undergrads at Connecticut colleges and universities. Also, 61.5 percent of all graduate students in the state attend the private schools, the report says.

According to CCIC, 2017 economic impact figures for colleges and universities in the region:

• Albertus Magnus College — $323,220,059

• Fairfield University — $1,976,022,886

• Quinnipiac University — $3,119,278,347

• Sacred Heart University — $2,356,703,876

• University of Bridgeport — $1,260,481,261

• University of New Haven — $1,416, 444,491

• Wesleyan University — $1,188,818,084

• Yale University — $16,603,211,780

The CCIC was founded in 1932 and represents 15 accredited non-profit independent colleges and universities in the state. In 2017, CCIC schools awarded 47 percent of all bachelor's degrees conferred in Connecticut.

Contact Michael C.Bingham at mbingham@newhavenbiz.com

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