Three area independent colleges in Connecticut have an economic impact of more than $1.1 billion each, according to a new economic impact report from the Connecticut Conference of Independent Colleges (CCIC).
Leading the way is Sacred Heart University with an economic impact of $1.69 billion, followed by Fairfield University with $1.25 billion, and University of Bridgeport with $1.14 billion. Overall, the state economic impact is $19.27 billion. That breaks down to $11.79 billion total direct spending by university students, employees, and visitors and $7.47 billion in induced spending, which is the additional employment and expenditures of local industries that result from the direct spending.
Sacred Heart’s total direct spending is $1.01 billion and its induced spending is $681.85 million, followed by Fairfield University at $744 million in total direct spending and $501 in induced spending. The University of Bridgeport total direct spending is $680 million and its induced spending is $458.08 million.
As the largest private employer in the Town of Fairfield, Fairfield University plays a vital role in supporting the local economy and contributes significantly to the broader economic landscape of Connecticut, the university said in a press release. The report, which uses fiscal year 2023 data, analyzes the economic effects of Connecticut’s 14 non-profit independent colleges and universities, covering spending across a range of activities — from payroll and operations to students, employee, and visitor spending.
“At Fairfield University, we are deeply committed to being a force for good in our local community,” said Vice President of Marketing & Communications Jennifer Anderson. “We recognize our responsibility to enrich the area we call home — through service, culture, education, and economic collaboration.”
Fairfield University actively contributes to the regional economy, not only as the largest private employer in Fairfield but also as a partner to local businesses, Anderson added, by working closely with the Chamber of Commerce, sponsoring community events, and hosting key gatherings.
Fairfield University created 9,041 jobs while Sacred Heart created 12,308 and University of Bridgeport created 8,268, according to the report.
Fairfield University is also home to a vibrant alumni network, with more than 20,000 alumni living across Connecticut. These accomplished alumni bring their expertise, leadership, and talents to businesses and organizations throughout the state, further contributing to the region’s continued growth and prosperity.
According to a recent Connecticut Department of Labor report, job growth in the education sector continues to be a major contributor to the state’s economy, with the largest job gains of all major industries being found in the education and health services sectors.
Overall independent college impact:
- $19.3 billion: Total annual economic impact
- 31,400+ employees: Higher education sector employees statewide
- 148,823 jobs: Jobs created or retained by independent colleges
- 235,000 alumni: Alumni living and working in Connecticut, generating $22.1 billion in annual earnings.
- $1.48 billion: Institutional financial aid awarded annually
“Connecticut’s independent colleges and universities are well known for preparing students for meaningful lives, successful careers, and active citizenship—advancing research and enriching arts and culture,” said Fairfield University President Mark R. Nemec, PhD, who serves as chair of the CCIC Board of Directors.
“But their impact goes even further,” he added. “These institutions significantly contribute to local and regional economies through student and visitor spending, major construction projects, the earnings of tens of thousands of faculty and staff who live and work in communities across the state, and direct spending on services and supplies.”
The CCIC is an association that represents 14 accredited nonprofit independent colleges and universities in Connecticut.
