Universities play a crucial role in shaping local economies by driving employment, fostering business growth, attracting investment, and enhancing the overall quality of life in their host communities. Their economic impact extends beyond direct spending to include long-term benefits such as workforce development, innovation, and cultural enrichment. Below, we explore the key ways in which a university influences a local economy.
- Direct Employment and Spending
A university is often one of the largest employers in a local area, providing jobs for faculty, administrative staff, maintenance workers, and other professionals. These employees spend their salaries on housing, groceries, transportation, and entertainment, injecting money into the local economy. Additionally, universities spend significant amounts on construction, utilities, and local services, further stimulating business activity.
Students also contribute to local spending. Many bring outside money into the community through tuition payments, federal aid, and personal expenditures on rent, food, and retail. A large student population can sustain businesses such as bookstores, coffee shops, restaurants, and housing providers.
- Business Development and Entrepreneurship
Universities often serve as hubs for innovation and entrepreneurship. Research institutions, business incubators, and technology transfer offices help commercialize academic research, leading to startup formation and industry partnerships. For example, Stanford University's role in Silicon Valley's growth demonstrates how academic institutions can spur regional economic development.
Local businesses benefit from university partnerships, including procurement contracts for supplies, catering, and maintenance services. Furthermore, universities attract conferences, sporting events, and cultural activities that generate tourism revenue for hotels, restaurants, and transportation services.
- Human Capital and Workforce Development
A well-educated workforce is essential for economic competitiveness. Universities produce graduates with specialized skills that attract high-paying industries, such as technology, healthcare, and finance. Many graduates remain in the area, filling critical roles in local businesses and government.
Universities also offer continuing education programs, professional certifications, and workforce training initiatives that help upskill local employees, making the regional labor market more adaptable to industry changes.
- Real Estate and Infrastructure Growth
The presence of a university can drive demand for housing, both from students and faculty. This often leads to the development of new apartments, condominiums, and mixed-use commercial spaces. Over time, universities contribute to urban revitalization by investing in campus expansions, public transit improvements, and community amenities like libraries and parks.
However, rapid growth can also lead to challenges, such as rising housing costs and gentrification, which may displace long-term residents. Local governments must balance economic expansion with policies that ensure affordable housing and equitable development.
- Cultural and Social Contributions
Beyond economics, universities enrich local culture through arts programs, public lectures, and athletic events. These activities improve residents' quality of life, making the area more attractive to businesses and skilled workers. A vibrant university town often sees increased property values and a more diverse, engaged community.
Conclusion
The economic impact of a university on a local economy is multifaceted, encompassing job creation, business growth, talent development, and infrastructure investment. While challenges such as affordability and displacement must be managed, the long-term benefits-including innovation, increased tax revenues, and a more dynamic workforce-make universities vital engines of regional prosperity. By fostering collaboration between academia, government, and industry, communities can maximize these advantages while ensuring inclusive growth.
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Colorado Academy of Veterinary Technology |
Apex College of Veterinary Technology |
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Pima Medical Institute-Colorado Springs |
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Nazarene Bible College |
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Intellitec College-Colorado Springs |
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Rocky Vista University |
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Colorado College |
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United States Air Force Academy |
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Colorado State University Pueblo |
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Pueblo Community College |
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University of Colorado Colorado Springs |
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Pikes Peak State College |
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Colorado Technical University-Colorado Springs |
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Percent admitted - total Admissions yield - total
Full-time enrollment Part-time enrollment
Total enrollment % White % Black % Asian % Hispanic % Native Hawaiian or Other Pacific Islander % American Indian or Alaska Native % two or more races % Race/ethnicity unknown % U.S. Nonresident
Undergraduate enrollment % under 18 % 18-24 % 25-64 % over 65
Graduate enrollment
Student-to-faculty ratio
Tuition and fees, 2020-21 2021-22 2022-23 2023-24
Total price for In-district students living on campus 2023-24 In-state students living on campus 2023-24 Out-of-state students living on campus 2023-24
In-district students living off campus (no family) 2023-24 In-state students living off campus (no family) 2023-24 Out-of-state students living off campus (no family) 2023-24
In-district students living off campus (w/ family) 2023-24 In-state students living off campus (w/ family) 2023-24 Out-of-state students living off campus (w/ family) 2023-24
Associate's degree Bachelor's degree Master's degree Doctor's degree - research/scholarship Doctor's degree - professional practice Doctor's degree - other
Instructional FTE Research FTE Public Service FTE Librarians, Curators, and Archivists FTE Student/Academic Affairs and Other Education Services FTE Management FTE Business and Financial Operations FTE Computer, Engineering, and Science FTE Community Service, Legal, Arts, and Media FTE Healthcare FTE Service FTE Sales and Related FTE Office and Administrative Support FTE Natural Resources, Construction, and Maintenance FTE Production, Transportation, and Material Moving FTE Total FTE staff
|
NA
NA
17,989
10,863
28,852
28
21
1
0
0
1
3
45
0
26,114
0
12
87
1
2,738
29
12,573
12,581
12,696
12,760
NA
NA
NA
24,360
24,360
24,360
14,819
14,819
14,819
2,323
3,025
1,275
0
118
0
460
0
0
5
105
83
53
7
2
0
8
371
22
0
0
1,116 |
NA
NA
4,332
8,056
12,388
53
7
4
24
0
1
7
2
1
12,388
18
45
36
0
0
21
3,967
3,981
4,055
4,302
NA
NA
NA
24,418
24,418
36,650
12,241
12,241
24,473
1,576
56
0
0
0
0
331
0
0
2
24
54
24
21
2
0
39
0
125
11
4
637 |
97
14
7,848
3,365
11,213
61
5
4
19
0
0
7
2
2
9,398
5
73
22
0
1,815
15
8,580
8,766
9,129
9,712
28,190
28,190
38,970
29,412
29,412
40,192
15,912
15,912
26,692
0
1,943
571
26
7
0
578
29
9
10
201
90
144
62
51
33
87
0
53
28
8
1,383 |
NA
NA
1,634
5,133
6,767
48
3
1
37
0
2
4
5
1
6,767
39
29
32
0
0
19
4,536
4,536
4,626
4,883
NA
NA
NA
27,484
27,484
39,717
12,634
12,634
24,867
652
30
0
0
0
0
179
0
0
2
66
36
24
8
14
0
16
0
32
9
2
388 |
100
37
3,007
3,684
6,691
49
4
5
28
0
1
9
4
1
4,816
30
53
17
0
1,875
16
8,591
9,005
9,245
9,401
27,195
27,195
35,036
30,279
30,279
38,120
15,599
15,599
23,440
0
599
197
0
14
0
241
0
0
1
32
41
65
17
88
8
36
0
56
21
2
608 |
14
79
4,124
0
4,124
63
6
7
12
1
0
8
1
1
4,124
78
22
0
0
0
7
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
0
949
0
0
0
0
224
10
0
25
45
28
22
47
125
26
0
1
36
3
0
592 |
20
34
2,110
63
2,173
68
3
5
11
0
0
7
1
5
2,145
0
100
0
0
28
9
60,864
62,070
65,028
67,932
87,128
87,128
87,128
87,128
87,128
87,128
70,670
70,670
70,670
0
545
19
0
0
0
244
0
0
25
73
95
40
39
77
7
60
1
122
36
8
827 |
NA
NA
1,567
7
1,574
71
2
5
3
0
0
15
3
0
0
NA
NA
NA
NA
1,574
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
0
0
104
0
287
0
99
3
0
8
61
59
25
16
2
12
24
0
44
0
0
353 |
NA
NA
816
0
816
52
19
3
23
0
1
0
2
0
816
0
27
73
0
0
22
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
119
NA
NA
NA
NA
NA
24
0
0
1
3
7
10
1
1
0
0
5
2
0
0
54 |
NA
NA
14
570
584
76
8
2
8
0
1
4
0
0
584
0
8
86
6
0
6
10,320
10,320
10,002
10,002
NA
NA
NA
23,913
23,913
23,913
14,463
14,463
14,463
5
46
0
0
0
0
36
0
0
0
0
9
0
3
0
0
0
4
4
0
0
56 |
NA
NA
339
0
339
42
10
2
27
0
1
17
1
0
339
0
52
48
0
0
25
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
41
NA
NA
NA
NA
NA
15
0
0
0
6
2
0
0
0
0
0
0
4
0
0
27 |
NA
NA
22
8
30
67
0
3
20
0
3
3
3
0
30
0
55
45
0
0
4
13,750
13,750
13,850
13,850
NA
NA
NA
25,950
25,950
25,950
15,950
15,950
15,950
12
NA
NA
NA
NA
NA
7
0
0
0
0
1
1
0
0
0
0
0
0
0
0
9 |
NA
NA
11
14
25
68
8
0
12
0
8
0
4
0
25
0
32
68
0
0
2
17,354
18,082
18,606
19,721
NA
NA
NA
34,571
34,571
34,571
25,071
25,071
25,071
16
NA
NA
NA
NA
NA
7
0
0
0
0
2
1
0
0
0
0
0
0
0
0
10 |
Sources: STI: PopStats and STI: Colossus
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