Study: CT’s independent colleges inject $19.3B into state’s economy
Connecticut’s 14 nonprofit, independent colleges and universities generated a total economic impact of $19.3 billion in 2023, according to a recent study by the Connecticut Conference of Independent Colleges (CCIC).
Of the total impact, $11.8 billion involved direct institutional spending, including employee costs, university purchases, capital expenditures, and student, visitor and alumni spending. The other $7.5 billion represented induced spending.
“The nonprofit independent higher education sector is a key driver in Connecticut’s economy,” said Jennifer Widness, president of CCIC. “Collectively, our member institutions are economic engines in this state, serving as magnets attracting students and their families, alumni and tourists that all spend money locally, yet use minimal municipal services.”
The 14 colleges and universities in the sector collectively employ more than 31,400 people.
The schools generated economic activity that resulted in the creation and retention of 148,823 jobs in 2023, the study found.
Also, the 14 colleges and universities support more than 235,000 alumni living in the state, who had annual earnings of $22.1 billion.
The study, which used data from fiscal year 2023, was conducted by Mark Gius, a professor of economics at Quinnipiac University.
He estimated the economic impact by obtaining expenditure data from the schools and their visitors and students. He then calculated induced spending to determine the total economic impact.
Mark Nemec, president of Fairfield University and chair of CCIC’s board of directors, said Connecticut’s independent colleges and universities go further than preparing students for successful careers and active citizenship.
“... These institutions significantly contribute to local and regional economies through student and visitor spending, major construction projects, the earnings of tens of thousands of faculty and staff who live and work in communities across the state, and direct spending on services and supplies,” Nemec said.
Founded in 1932, CCIC is an association that represents Connecticut’s 14 accredited, nonprofit, independent colleges and universities, which are: Albertus Magnus College, Connecticut College, Fairfield University, Goodwin University, Mitchell College, Quinnipiac University, Sacred Heart University, Trinity College, University of Bridgeport, University of Hartford, University of New Haven, University of Saint Joseph, Wesleyan University and Yale University.
Together, the schools enroll more than 85,000 students, representing 50% of all undergraduate college students and 68% of all graduate students at four-year public and private institutions in the state.
Click here for more information about the study.
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