A recent report from the Connecticut Conference of Independent Colleges outlined the far-reaching impact the university is having on the local economy and the important opportunities – including thousands of jobs – it is creating for the region.
June 15, 2021
An aerial view of Maxcy Hall at the University of New Haven.
Almost a billion dollars. That’s all of the economic impact the University of New Haven had on the local economy in 2019, according to a new report from the Connecticut Conference of Independent Colleges (CCIC).
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 in 2019, the most recent year for which data is available.
Dedicated to improving higher education and strengthening the independent higher education sector in Connecticut, the CCIC represents private institutions with more than 83,000 undergraduate students making up more than half of all undergraduate students and nearly two-thirds of all graduate students with four-year institutions of the Country.
Because of their sizeable student numbers and the number of employees, these institutions have a significant impact on the Connecticut economy, as well as their local economy, the CCIC report elaborates.
The CCIC report underscores the significant and far-reaching influence the university has long had in Greater New Haven and across Connecticut. President Steven H. Kaplan, Ph.D.
“The university has had far-reaching effects for a long time”
The CCIC found that the University of New Haven’s economic impact, as measured by the direct and induced economic impact of the university’s activities on the local economy, is $ 970,189,201. Direct expenses, which include university expenses as well as student, staff and visitor expenses, came to nearly $ 600 million.
The university’s induced spending – the additional jobs and local industry spending resulting from direct spending – added another $ 376 million. Induced spending, the report says, reflects the multiplier effect of money imports into a regional economy, as this prompts local businesses to hire more employees who then spend more money on local goods and services, boosting the spending cycle.
“The CCIC report underscores the significant and far-reaching influence the university has long had in Greater New Haven and throughout 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 businesses in the area, and the tens of thousands of visitors we welcome annually – that promote and stimulate economic activity in our great state.”
“Powerful engine for economic growth”
Citing the university’s ability to provide opportunities to the state, the CCIC found that the university has created more than 7,700 jobs and nearly 29,000 alumni reside in the state.
The latest CCIC report uses investment expenditure data from member institutions.
The CCIC notes that the member institutions “have a very significant and positive impact on both the state and local economies”.
“While the state continues to face a difficult economic environment, it is important to recognize that the University of New Haven’s nearly billion dollar annual economic impact shows that it has been and remains a powerful engine of the state’s economic growth . “From Connecticut,” said Brian Kench, Ph.D., dean of the university’s Pompea College of Business.
“The nonprofit independent higher education sector is a major engine of Connecticut’s economy,” added Jennifer Widness, president of the CCIC. “Together, our member institutions are economic engines in this state, serving as magnets, attracting students and their families, alumni and tourists who all spend their money locally but use minimal city services. They are major employers in the communities (in some cases the largest), and collectively employ nearly 30,000 people across the country. ”
source https://collegeeducationnewsllc.com/university-of-new-havens-annual-economic-impact-nears-1-billion/
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