The 17 schools belonging to the Connecticut State Colleges and Universities system contribute $11 billion annually to the state, according to the CSCU’s first-ever economic study of its kind.
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.
“We knew our CSCU institutions provided incredible value to Connecticut and this report confirms it,” CSCU President Mark Ojakian said. “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.”
Among the study’s other findings:
- Alumni contribute $9.9 billion in annual income through their earnings
- 1 out of 19 jobs in Connecticut is supported by CSCU activities and their students
- For every $1 spent, students gain $6.60 in lifetime earnings, taxpayers gain $3.80 in added tax revenue and savings, and CT gains $11.70 in added state revenue and savings
- Annually the average certificate, associate, and bachelor’s degree graduate from CSCU earns $5,900, $12,800, and $37,200 more compared to a person with a high school diploma or equivalent working in Connecticut.
Among the schools in the CSCU system are Norwalk Community College, Housatonic Community College in Bridgeport and Western Connecticut State University in Danbury.
The study is part of CSCU’s ongoing effort to prove to state lawmakers – and Gov.-elect Ned Lamont – the need for economic support. In October, the organization said that it needs to receive an additional $41 million from the state for the 2019-20 school year, and another $30 million for the 2020-21 year, to continue its current programs and to add other programs and staff.
CSCU will host its first Economic Impact Summit on Dec. 7 at Gateway in New Haven, where Hannah Ruffridge, an economist with EMSI, will present the findings to campus leaders and industry partners.