The Connecticut State Colleges & Universities (CSCU) system has commissioned a first-ever study to examine the overall economic impact of its 17 institutions of higher learning on the state of Connecticut. Documenting the financial contribution the state’s public universities and community colleges lend to the Nutmeg State’s financial fortunes, the analysis was released earlier this week.
Among the key findings of the CSCU Economic Impact Analysis:
- Overall, the CSCU system generates $11 billion annually to the state of Connecticut.
- CSCU alumni contribute $9.9 billion in annual income to the state through their earnings.
- One of every 19 jobs in Connecticut — approximately 123,000 total — is supported by CSCU activities and CSCU students.
- For every $1 spent on educating them, students achieve on average $6.60 in lifetime earnings, taxpayers gain $3.80 in added tax revenue and savings, and Connecticut realizes $11.70 in added state revenue and savings
- Each year the average certificate, associate and bachelor’s degree graduate from CSCU schools earns $5,900, $12,800 and $37,200 more, respectively, compared to a person with a high school diploma or equivalent working in Connecticut.
“We knew our CSCU institutions provided incredible value to Connecticut and this report confirms it,” said CSCU President Mark Ojakian. “A bottom-line analysis was needed to understand what CSCU contributes to the state economy.
“Both students and taxpayers invest in our system, and we have a clear picture now of that return on investment,” Ojakian added.
CSCU financial and economic data contained in the report was compiled during the 2016-17 academic year. EMSI, a global provider of economic impact and labor market data, conducted an analysis of industry and employment data, academic and financial reports, U.S. Bureau of Labor Statistics, U.S. Census data, and a variety of sources related to education and social behavior.
Contact Michael C. Bingham at mbingham@newhavenbiz.com
