University of New Haven’s Annual Economic Impact Nears $1 Billion
A recent Connecticut Conference of Independent Colleges report detailed the far-reaching impact that the University has on the local economy and the important opportunities – including thousands of jobs – it creates for the region.
June 15, 2021
By Renee Chmiel, Office of Marketing and Communications
As part of its comprehensive report, the CCIC analyzed the economic impact of each of its 15 member institutions. The total economic impact of the state’s independent colleges and universities was more than $15.4 billion for 2019, the most recent year for which data are available.
Dedicated to improving higher education and strengthening the independent sector of higher education in Connecticut, the CCIC represents private institutions that account for more than 83,000 students, totaling more than half of all undergraduate students, and nearly two thirds of all graduate students, at four-year institutions in the state.
Because of their significant student populations and number of employees, these institutions make a significant impact on Connecticut’s economy, as well as on their local economies, the CCIC report detailed.
The CCIC’s report reinforces the significant and far-reaching impact the University has long had on Greater New Haven and across Connecticut.President Steven H. Kaplan, Ph.D.
'Far-reaching impact the University has long had'
The CCIC determined that the University of New Haven’s economic impact, which is measured by the direct and induced economic impact of the University’s activity on the local economy, to be $970,189,201. Direct spending, which includes what the University spent as well as the spending of students, employees, and visitors, totaled nearly $600 million.
The University’s induced spending – the additional employment and expenditures of local industries resulting from direct spending – contributed another $376 million. Induced spending, the report says, reflects the multiplier impact of money imported into a regional economy, since this leads local businesses to hire more employees who then spend more money on goods and services locally, furthering the cycle of spending.
“The CCIC’s report reinforces the significant and far-reaching impact the University has long had on Greater New Haven and across Connecticut,” said University President Steven H. Kaplan, Ph.D. “The University takes great pride in creating opportunities – for members of our University community, residents and companies in the region, and the tens of thousands of visitors we welcome annually – that create and stimulate economic activity across our great state.”
'Powerful engine for economic growth'
Citing the University’s ability to bring opportunity to the state, the CCIC noted that the University has created more than 7,700 jobs and has nearly 29,000 alumni living in the state.
The CCIC’s most recent report uses investment spending data obtained from member institutions.
Finding that member institutions have “very significant and positive effects on both the state and local economies,” the CCIC posits that policies impacting the ability of these institutions to attract and retain quality students and employees have a significant impact on the state’s overall economic health.
“Although the state continues to face a challenging economic environment, it is important to recognize that the University of New Haven’s nearly billion-dollar annual economic impact demonstrates that it has been, and continues to be, a powerful engine for economic growth in the state of Connecticut,” said Brian Kench, Ph.D., dean of the University’s Pompea College of Business.
“The non-profit independent higher education sector is a key driver in Connecticut’s economy,” added Jennifer Widness, President of the CCIC. “Collectively, our member institutions are economic engines in this state, serving as magnets attracting students and their families, alumni and tourists who 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.”