CT State Community College Drives Significant Impact on CT's Economy

Connecticut State Community College (CT State) has significantly bolstered the state's economy, adding $3.0 billion in income during the fiscal year 2022-2023, according to a recent study conducted by Lightcast, a global leader in labor market analytics.

The study, titled "The Economic Value of Connecticut State Community College," highlights CT State's contributions to individual growth, career readiness, and the overall economic vitality and resilience of Connecticut. The analysis is based on the most recent audited data available, reported to relevant state and federal agencies.

The report represents a significant milestone as the first comprehensive economic analysis conducted for CT State as a unified college. Through its economic contributions, CT State supports an estimated 29,777 jobs statewide, in effect one out of every 82 jobs in Connecticut.

“This report underscores CT State’s critical role as both an economic engine and a strategic resource for Connecticut,” said CT State President John Maduko, M.D. “Our commitment to providing affordable, high-quality education transforms lives while driving economic growth and workforce development throughout the state. I commend the outstanding efforts happening at all our campuses and satellite locations across Connecticut."

“Our public colleges and universities are the primary engine of socioeconomic development for the state. Our students learn here, work here, earn here, and stay here,” said Connecticut State Colleges and Universities (CSCU) Chancellor Terrence Cheng. “CT State’s administrators, faculty, and staff are not only cultivating the next generation of talent, but they are also opening doors and creating opportunities for our students to contribute to the vibrancy of the state.”

“Investing in CT State is an investment in Connecticut’s future,” said Marty Guay, Chair of the Connecticut Board of Regents for Higher Education. “From our nurses and manufacturers to our IT and social workers, CT State’s graduates are the backbone of our workforce. This report highlights the integral role CT State plays in Connecticut’s growth strategy and the success of its economy.”

Additional CT State Economic Impact Analysis Key Findings (FY 2022-23):

• CT State alumni employed within Connecticut generated $2.6 billion in added income during the fiscal year, reflecting the enhanced skills and productivity gained through their education.
• The net impact of the college’s operations added $379.9 million in income to the state economy.
• Student spending in the state added approximately $64 million in income for the CT economy
• The average CT State associate degree graduate will see annual earnings that are $11,900 higher than a person with a high school diploma or equivalent working in Connecticut, amounting to $476,000 in higher earnings for each graduate over their working lifetime.
• Students: For every dollar invested in their education at CT State, students gain $5.50 in lifetime earnings, yielding an average annual return of 20.3% on their education.
• Taxpayers: Taxpayers receive $1.10 in added tax revenue and public sector savings for every dollar invested in CT State, with a total benefit of $347.8 million over students' working lives.
• Society: Connecticut society at-large gains $6.80 in added income and social savings for every dollar invested in the college, growing the Connecticut economy by $3.9 billion over the course of students' careers.

For more information, visit CT State’s website, Driving Connecticut’s Economy.

• Fact Sheet
• Executive Summary
• Full Report

About CT State
Launched on July 1, 2023, following the consolidation of Connecticut’s 12 community college, CT State serves residents of 169 towns and neighboring states through its campuses and satellites in Bridgeport, Bristol, Danbury, Danielson, Enfield, Farmington, Hartford, Manchester, Meriden, Middletown, Norwalk, Norwich, New Haven, North Haven, Waterbury, Willimantic, and Winsted, with a central office located in New Britain.

As the largest community college in the Northeast, the sixth largest in the U.S., and the most affordable college in CT, CT State provides high-quality, inclusive, and accessible education that enables a diverse array of more than 60,000 credit and noncredit students to pursue their life and career goals. To learn more, visit ctstate.edu

About Lightcast
Lightcast is a leading provider of economic impact studies and global labor market data to corporations and educational institutions. With a database of more than 2.5 billion job postings and career profiles, Lightcast is active in more than 30 countries and has offices in the United States, United Kingdom, Canada, Italy, New Zealand, and India. The company is backed by global private equity leader KKR. Visit lightcast.io for more information.