Ersys Logo Ersys Name
Southeastern Connecticut Planning Region – Colleges/Universities 2023-2024

Picture of valves

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.

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.
 
University of Connecticut-Avery Point
Mitchell College  
Five Towns College  
United States Coast Guard Academy  
University of Connecticut-Hartford Campus  
Charter Oak State College  
University of Saint Joseph  
Connecticut College  
Trinity College  
Goodwin University  
Wesleyan University  
Eastern Connecticut State University  
University of Hartford  
Farmingdale State College  
Central Connecticut State University  
University of Rhode Island  
Suffolk County Community College  
Stony Brook University  
University of Connecticut  
Connecticut State Community College  
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

12,047
22,944

34,991
40
17
4
31
0
0
4
3
1

34,991
6
62
31
1

0

15

4,556
4,596
4,820
5,092


NA
NA
NA

28,514
28,514
38,262

14,130
14,130
23,878

4,380
NA
NA
NA
NA
NA

1,472
0
0
53
456
120
98
68
211
19
123
6
192
53
1
2,872
54
17

24,327
3,037

27,364
50
7
11
14
0
0
4
1
12

19,388
3
94
2
0

7,976

16

17,834
18,524
19,434
20,366


39,682
39,682
62,350

40,450
40,450
63,118

25,344
25,344
48,012

24
5,314
1,714
344
418
0

2,399
397
62
78
54
337
435
728
451
1,020
728
2
2,074
480
6
9,251
49
14

22,210
3,655

25,865
30
6
28
13
0
0
3
6
13

17,549
4
90
6
0

8,316

19

10,091
10,455
10,560
10,560


32,370
32,370
52,160

34,588
34,588
54,378

18,612
18,612
38,402

0
4,405
2,263
293
269
0

2,431
85
4
41
203
132
577
366
337
65
392
2
95
116
72
4,918
NA
NA

9,332
10,721

20,053
45
8
5
37
0
0
3
2
0

20,053
28
57
16
0

0

22

5,977
6,270
6,270
6,440


NA
NA
NA

22,033
22,033
27,673

11,358
11,358
16,998

2,755
NA
NA
NA
NA
NA

531
0
0
18
179
130
14
12
44
4
98
0
189
16
10
1,245
77
17

14,703
2,648

17,351
71
5
3
11
0
0
3
4
3

14,670
5
91
3
0

2,681

17

15,004
15,332
15,880
16,408


34,994
34,994
54,390

34,526
34,526
53,922

27,298
27,298
46,694

0
3,433
634
96
129
31

923
15
0
33
308
68
187
365
112
69
378
2
282
98
20
2,860
76
23

6,900
2,812

9,712
56
13
5
19
0
0
3
2
2

7,917
5
79
16
0

1,795

14

11,502
11,542
12,106
12,460


29,026
29,026
42,302

29,026
29,026
42,302

17,036
17,036
30,312

0
1,778
453
16
25
0

562
0
0
16
123
54
58
33
47
8
78
0
101
25
9
1,114
69
26

7,627
1,914

9,541
41
11
13
29
0
0
4
0
2

9,508
5
81
15
0

33

18

8,395
8,576
8,576
8,576


26,422
26,422
36,332

40,120
40,120
50,030

12,356
12,356
22,266

228
1,672
21
0
0
0

456
0
20
9
22
66
166
12
36
83
96
0
77
35
0
1,078
83
11

4,576
1,337

5,913
54
14
5
15
0
0
2
5
6

4,131
4
92
4
0

1,782

11

43,560
44,885
46,148
47,647


66,464
66,464
66,464

65,193
65,193
65,193

52,892
52,892
52,892

100
810
734
17
63
0

446
0
0
12
34
16
187
2
54
4
36
2
118
0
0
911
81
14

3,256
723

3,979
65
9
3
14
0
0
4
5
0

3,839
14
80
5
0

140

15

12,304
12,304
12,910
13,292


33,610
33,610
36,942

26,898
26,898
30,230

17,142
17,142
20,474

2
851
104
0
0
0

228
0
0
14
69
32
28
26
53
5
100
0
40
37
4
636
17
32

3,099
172

3,271
53
6
9
11
0
0
7
3
11

3,066
3
95
2
0

205

7

59,686
62,049
64,322
67,316


89,020
89,020
89,020

NA
NA
NA

NA
NA
NA

0
763
54
11
0
0

451
0
0
37
54
74
85
80
67
14
42
2
115
39
10
1,070
NA
NA

366
2,668

3,034
37
26
3
25
0
1
1
7
0

2,911
5
24
71
0

123

14

20,998
21,198
21,198
21,198


34,370
34,370
34,370

48,547
48,547
48,547

30,630
30,630
30,630

449
138
54
0
0
0

147
0
0
2
74
8
42
21
18
0
40
0
47
0
4
403
34
27

2,190
86

2,276
60
6
4
9
0
0
4
4
13

2,237
2
97
1
0

39

9

59,050
61,370
63,930
67,420


87,910
87,910
87,910

87,910
87,910
87,910

69,920
69,920
69,920

0
505
15
0
0
0

255
2
0
14
55
54
58
42
84
0
30
0
43
3
0
640
38
15

1,959
36

1,995
69
4
4
11
0
0
4
2
6

1,995
3
97
0
0

0

9

59,025
60,795
63,005
64,812


84,697
84,697
84,697

84,697
84,697
84,697

66,812
66,812
66,812

0
420
0
0
0
0

237
0
0
12
19
80
32
26
65
1
132
0
52
17
3
676
80
12

1,445
494

1,939
60
12
5
16
0
0
3
3
1

879
8
83
9
0

1,060

9

41,736
43,084
44,366
45,908


62,324
62,324
62,324

63,350
63,350
63,350

49,760
49,760
49,760

0
226
424
0
37
0

159
0
0
10
161
35
18
12
42
28
33
0
19
4
0
521
NA
NA

539
1,227

1,766
50
20
3
21
0
0
2
2
0

1,683
0
16
84
0

83

16

8,553
8,254
8,254
8,506


NA
NA
NA

23,210
23,210
23,210

16,810
16,810
16,810

49
420
36
0
0
0

56
0
0
0
51
24
8
10
15
0
0
0
6
0
0
170
86
22

1,405
89

1,494
42
14
19
18
0
0
4
1
2

1,494
9
86
5
0

0

24

15,236
15,868
16,650
17,452


NA
NA
NA

37,536
37,536
60,204

22,430
22,430
45,098

0
55
18
4
4
0

25
4
1
1
1
4
5
8
5
11
8
0
22
5
0
100
24
66

1,081
0

1,081
63
3
6
14
0
0
11
1
3

1,081
1
99
0
0

0

7

NA
NA
NA
NA


NA
NA
NA

NA
NA
NA

NA
NA
NA

0
247
0
0
0
0

111
0
0
5
3
15
18
8
58
7
41
0
29
17
1
313
72
49

534
189

723
37
14
1
22
0
0
2
21
3

662
24
72
5
0

61

11

25,595
25,235
26,245
29,950


49,950
49,950
49,950

46,150
46,150
46,150

36,150
36,150
36,150

6
103
4
1
0
0

61
0
0
2
17
5
3
4
7
0
9
7
1
10
0
126
73
9

409
91

500
54
15
2
19
0
1
5
5
1

500
7
84
9
0

0

14

35,072
35,775
37,250
39,050


58,490
58,490
58,490

58,490
58,490
58,490

42,300
42,300
42,300

7
110
0
0
0
0

20
1
12
2
33
27
5
1
13
1
9
0
7
9
0
140
87
16

440
34

474
61
3
9
17
0
0
6
3
1

474
8
82
9
1

0

13

15,246
15,878
16,640
17,462


NA
NA
NA

37,546
37,546
60,214

22,440
22,440
45,108

0
55
18
4
4
0

25
4
1
1
1
4
5
8
5
11
8
0
22
5
0
100

Page 1 of 2
Island Drafting and Technical Institute
Hartford International University for Religion and Peace  
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

44
59

103
41
24
13
2
0
0
2
14
5

0
NA
NA
NA
NA

103

NA

NA
NA
NA
NA


NA
NA
NA

NA
NA
NA

NA
NA
NA

0
0
32
1
0
5

16
3
0
2
3
8
1
0
4
0
0
0
3
1
0
41
NA
NA

53
0

53
38
11
2
28
0
0
9
11
0

53
4
72
25
0

0

18

16,950
16,950
18,450
19,200


NA
NA
NA

45,796
45,796
45,796

29,578
29,578
29,578

34
NA
NA
NA
NA
NA

3
0
0
0
0
3
0
0
0
0
0
0
3
0
0
9

Page 2 of 2


Sources: STI: PopStats and STI: Colossus