Conference of Independent Colleges Pump $33.2 BIL Into Economy

From CCIC: The economic impact to the State of Connecticut from its fifteen non-profit independent colleges and universities is $33.2 billion annually, according to a just completed study that used FY17 data.

“The non-profit independent higher education sector is a key driver in Connecticut’s economy,” said Jennifer Widness, President of the Connecticut Conference of Independent Colleges (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. They are large employers in the communities (the largest, in some instances) and collectively employ nearly 30,000 people statewide.”

The study was conducted by Dr. Mark Paul Guis, Ph.D., a Professor of Economics at Quinnipiac University. “We looked at the payrolls of the independent colleges and universities, their spending for goods and services, the spending done by students, visitors, faculty and staff along with the indirect and induced job creation and spending that occurs because of the presence of these institutions in their communities,” said Widness.

“Our primary economic benefit to Connecticut is the first-rate education delivered to students served by these schools and its relevance to the needs of Connecticut employers,” said President John Petillo of Sacred Heart University and chair of CCIC. “Many of our graduates remain in Connecticut and become key players in our knowledge-based economy.”

Among the findings, the fifteen independent colleges and universities in Connecticut:

• Generate a total impact on the Connecticut economy of $33.2 billion representing a direct economic impact of $20.4 billion in direct institutional spending for employee spending, university purchases, capital expenditures, student, visitor and alumni spending., as well as another 12.8 billion in induced spending.
• Created/retained 257,939 jobs in Connecticut in 2017 as a result of the economic activity generated by the sector.
• Supported over 220,000 alumni living in the state who had annual earnings of $16.1 billion that generated significant taxes and spending on the local level.
• Are magnets for students and visitors who spent at least $901.8 million.
• Invested on average more than $11.9 billion annually from 2012-17 in new and renovated residential and non-residential buildings and facilities as well as equipment, art and library books.

Key facts about the sector’s role in educating Connecticut’s workforce include:

• Enroll over 80,000 students statewide, including 50.5% of all undergraduate college students and 61.5% of all graduate students at 4-year and above institutions.
• Educate 49% of all minority undergraduate students enrolled at 4-year institutions.
– 70% of four-year and above degrees given in key economic development cluster areas such as bioscience, engineering and computer science. $1 billion in institutional grant aid on an annual basis. ###a>###a>###a>

For more information contact Jennifer Widness at 860-678-0005 or widnessj@theccic.org.

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