Colleges, universities cited as 'key driver' in state's economy
New London — An alliance of independent colleges in the state that includes Connecticut College and Mitchell College released a report this week indicating they have an annual $33.2 billion collective impact on Connecticut's economy.
The Connecticut Conference of Independent Colleges, which represents 15 nonprofit institutions of higher learning in the state, said in a release that the study used data from the 2017 fiscal year to make the calculations. The report's numbers showed Connecticut College's capital assets averaging $262.2 million over a recent five-year period and Mitchell College showing an average $44.1 million in capital assets over the same time frame.
The report indicated that Connecticut College, its employees, students and visitors accounted for $406.3 million in direct spending, leading to the creation of 4,877 jobs in the state. Mitchell College accounted for much less spending, $107.8 million, and about a quarter the number of jobs, 1,294.
“The non-profit independent higher education sector is a key driver in Connecticut’s economy,” Jennifer Widness, president of CCIC, said in a statement. “They are large employers in the communities (the largest, in some instances) and collectively employ nearly 30,000 people statewide.”
Mark Paul Guis, a professor of economics at Quinnipiac University, conducted the study, looking at payrolls, spending on goods and services and spending by students, alumni, visitors and parents, among other factors.
The CCIC-funded study said the 15 colleges had a total direct impact of $20.4 billion in spending, with another $12.8 billion in economic activity related to that spending. The report stated that the economic activity spun off by the colleges led to the creation or retention of an additional estimated 258,000 jobs.
By comparison, a 2017 report on the impact of two gaming casinos in the state showed an economic impact of $3.7 billion, with a total of 25,197 jobs supported. A 2014 study of the University of Connecticut showed it contributed $3.4 billion to economic activity while supporting 24,000 jobs.
The CCIC schools enroll about half of all undergraduate college students in the state. They include Yale University, Trinity College, Wesleyan University and Albertus Magnus College.
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