Independent Colleges in Connecticut Have $19.3 Billion Economic Impact, Award Two-Thirds of Advanced Degrees

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The economic impact to the State of Connecticut from its fourteen non-profit independent colleges and universities is $19.3 billion annually, according to a just completed study that used FY23 data, released by the Connecticut Conference of Independent Colleges (CCIC).

“The non-profit independent higher education sector is a key driver in Connecticut’s economy. 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, said CCIC President Jennifer Widness. “They are large employers in the communities (the largest, in some instances) and collectively employ over 31,400 people statewide.”

CCIC member institutions – enrolling in excess of 85,000 students statewide - include 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.  In total, the colleges and universities have 50% of all undergraduate college students and 68% of all graduate students at 4-year and above public and private institutions in Connecticut.

The study was conducted by Mark Gius, Ph.D., Professor of Economics at Quinnipiac University. In the report, Gius writes, “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 other findings, the fourteen independent colleges and universities in Connecticut:

  • Generate a total impact on the Connecticut economy of $19.3 billion representing a direct economic impact of $11.8 billion in direct institutional spending for employee spending, university purchases, capital expenditures, student, visitor, and alumni spending, as well as another $7.5 billion in induced spending.

  • Created/retained 148,823 jobs in Connecticut in 2023 as a result of the economic activity generated by the sector. 

  • Supported over 235,000 alumni living in the state who had annual earnings of $22.1 billion that generated significant taxes and spending on the local level.  

“Connecticut’s independent colleges and universities are well known for preparing students for successful careers and active citizenship, advancing research, and enriching arts and culture,” said Mark Nemec, Ph.D., President of Fairfield University and Chair of the CCIC Board of Directors.

“But their impact goes even further,” Nemec continued.  “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.”

 Among the findings highlighted in the report examining the sector’s role in educating Connecticut’s workforce: