The state community colleges have added $3 billion in income to the economy during fiscal year 2022-23, according to a recent study conducted by Lightcast, a global leader in labor market analytics.
“The Economic Value of Connecticut State Community College” study highlights Connecticut Community College’s (CT State) contributions to individual growth, career readiness, and the overall economic vitality and resilience of Connecticut. The analysis is based on the most recent audited data available, reported to relevant state and federal agencies.
Through its economic contributions, CT State supports an estimated 29,777 jobs statewide, in effect one out of every 82 jobs in Connecticut.
“This report underscores CT State’s critical role as both an economic engine and a strategic resource for Connecticut,” said CT State President John Maduko, M.D. “Our commitment to providing affordable, high-quality education transforms lives while driving economic growth and workforce development throughout the state. I commend the outstanding efforts happening at all our campuses and satellite locations across Connecticut.”
The college chancellor calls the study proof of the power of CT State in today’s economy.
“Our public colleges and universities are the primary engine of socioeconomic development for the state. Our students learn here, work here, earn here, and stay here,” said Connecticut State Colleges and Universities (CSCU) Chancellor Terrence Cheng. “CT State’s administrators, faculty, and staff are not only cultivating the next generation of talent, but they are also opening doors and creating opportunities for our students to contribute to the vibrancy of the state.”
“Investing in CT State is an investment in Connecticut’s future,” said Marty Guay, chair of the Connecticut Board of Regents for Higher Education. “From our nurses and manufacturers to our IT and social workers, CT State’s graduates are the backbone of our workforce. This report highlights the integral role CT State plays in Connecticut’s growth strategy and the success of its economy.”
Additional findings
CT State alumni employed within Connecticut generated $2.6 billion in added income during the fiscal year, reflecting the enhanced skills and productivity gained through their education.
The net impact of the college’s operations added $379.9 million in income to the state economy.
Student spending in the state added approximately $64 million in income for the CT economy
The average CT State associate degree graduate will see annual earnings that are $11,900 higher than a person with a high school diploma or equivalent working in Connecticut, amounting to $476,000 in higher earnings for each graduate over their working lifetime.
For every dollar invested in their education at CT State, students gain $5.50 in lifetime earnings, yielding an average annual return of 20.3% on their education.
Taxpayers receive $1.10 in added tax revenue and public sector savings for every dollar invested in CT State, with a total benefit of $347.8 million over students’ working lives.
Society: Connecticut society at-large gains $6.80 in added income and social savings for every dollar invested in the college, growing the Connecticut economy by $3.9 billion over the course of students’ careers.
