Skip to Main Content
  • About
    • Staff
    • Board of Directors
    • Member Directory
  • Membership
    • Membership Benefits
    • Membership FAQ
    • Join NEC
  • Issues
    • Diversity & Inclusion
    • Energy & Environment
    • Financial Services
    • Healthcare
    • Higher Education
    • Technology & Innovation
    • Trade
    • Transportation & Infrastructure
    • Partnerships for Talent Pipeline Directory
  • News
  • Events
    • Upcoming Events
    • Past Events
    • Annual Celebration
    • Washington Leaders’ Conference
    • Politics & Eggs
    • Inside the Corner Office
    • Sponsorship Opportunities
  • Contact
  • About
    • Staff
    • Board of Directors
    • Member Directory
  • Membership
    • Membership Benefits
    • Membership FAQ
    • Join NEC
  • Issues
    • Diversity & Inclusion
    • Energy & Environment
    • Financial Services
    • Healthcare
    • Higher Education
    • Technology & Innovation
    • Trade
    • Transportation & Infrastructure
    • Partnerships for Talent Pipeline Directory
  • News
  • Events
    • Upcoming Events
    • Past Events
    • Annual Celebration
    • Washington Leaders’ Conference
    • Politics & Eggs
    • Inside the Corner Office
    • Sponsorship Opportunities
  • Contact

News

Mar 8, 2023Blog | Member News, Higher Education

15 independent colleges pour $16.5 billion into Connecticut’s economy

According to a study conducted by New England Council member, Connecticut Conference of Independent Colleges (CCIC), 15 non-profit independent colleges have had a $16.5 billion impact on the state’s economy.   

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

• Generate a total impact on the Connecticut economy of $16.52 billion representing a direct economic impact of $10.1 billion in direct institutional spending for employee spending, university purchases, capital expenditures, student, visitor, and alumni spending, as well as another 6.4 billion in induced spending.
• Created/retained 127,264 jobs in Connecticut in 2021 as a result of the economic activity generated by the sector.
• Supported over 227,000 alumni living in the state who had annual earnings of $18.3 billion that generated significant taxes and spending on the local level.
• Are magnets for students and visitors who spent at least $831.3 million.

Please view a summary of research findings at this link.

The New England Council commends the CCIC for conducting this important study. 

Read more from Connecticut Conference of Independent Colleges’ report.  

 

 

Council Related News
Read Article Blog | Council News, Federal Advocacy, Higher Education

NEC Again Calls on Congress to Double the Pell Grant

Read Article Blog | Member News, Higher Education

Innovation program at Boston University gets new CEO

Read Article Blog | Member News, Higher Education

University of Maine at Augusta receives $100,000 Davis Family Foundation grant to support justice impacted students

Read Article Blog | Member News, Healthcare

Sanofi to reduce insulin prices by over 78 percent

Read Article Blog | Member News, Healthcare

Beth Israel Lahey Health announces new Executive Vice President and Chief Clinical Officer

View Related News

©2023 New England Council
All rights reserved.

Privacy Policy Website Design by Jackrabbit

Boston Office

98 North Washington Street
Suite 303
Boston, MA 02114

(617) 723-4009

necouncil@newenglandcouncil.com

Washington Office

1411 K Street, NW
Suite 700
Washington, D.C. 20005

(202) 547-0048

necouncil@newenglandcouncil.com

Website Design by Jackrabbit