For the first time ever, CSCU commissioned a study to thoroughly examine the overall economic impact of all 17 institutions on the state of Connecticut. EMSI, a leading global provider of economic impact and labor market data, conducted an analysis of industry and employment data, academic and financial reports, US Bureau of Labor Statistics, US Census data, and a variety of sources related to education and social behavior. Today, CSCU is releasing the data and its key findings. Tomorrow at Gateway in New Haven, CSCU will host the first Economic Impact Summit where Hannah Ruffridge, an Economist with EMSI will present the findings to Campus Leaders and Industry Partners.
“We knew our CSCU institutions provided incredible value to Connecticut and this report confirms it. A bottom line analysis was needed to understand what CSCU contributes to the state economy,” said CSCU President Mark Ojakian. “Both students and taxpayers invest in our system and we have a clear picture now of that return on investment.”
CSCU Economic Impact Analysis Key Findings:
- CSCU contributes $11 billion annually to the state of CT
- Alumni contribute $9.9 billion in annual income through their earnings
- 1 out of 19 jobs in CT 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
For more information:
- One-pager: http://www.ct.edu/files/pdfs/files/pdfs/CSCU_Infographic_1617_Finalv4.2.pdf
- Fact Sheet: http://www.ct.edu/files/pdfs/files/pdfs/CSCU_FactSheet_1617_Final.pdf
- Executive Summary: http://www.ct.edu/files/pdfs/files/pdfs/CSCU_ExecSum_1617_Final.pdf
- Full Report: http://www.ct.edu/files/pdfs/files/pdfs/CSCU_MainReport_1617_Final.pdf
Emsi is a leading provider of economic impact studies and labor market data to educational institutions, workforce partners, and regional developers in the U.S. and internationally. Since 2000, Emsi has completed over 1,800 economic impact studies for educational institutions in four countries. Visit www.economicmodeling.com for more information about products and services.
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