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TOTAL ECONOMIC IMPACT
Central's impact on Connecticut's economy is extensive and
diverse, ranging from its expenditures and student labor circulating through
the economy and creating multiples of impact, to the rich effects of preparing
and graduating of a highly educated workforce whose degrees represent value
added to personal lives and the state's economy.
ESTIMATED ECONOMIC IMPACT
CCSU's annual estimated economic impact from expenditures
(operating, capital, student spending) and student labor during the past year
totaled $581.3 million*, a strong, clear measure of the University's role in
enhancing the state's economy.
DEGREES GRANTED
In 2008, CCSU granted 2,294 degrees, clearly aimed at
preparing people for careers, as well as enhancing their
collective intellectual and career growth. That number
includes 1,677 bachelor’s degrees and post baccalaureate
degrees, 616 master’s degrees and Sixth-Year Certificates, and 1 doctoral degree.
VALUE-ADDED EDUCATION
There are approximately 40,000 Central graduates, ages 65
and younger, living in Connecticut. On an annual basis, college graduates in Connecticut earn more than
$22,000 above what they would have earned with only a high school degree. Assuming that 80% of Central gratuates are in the state's workforce, a
Central education generates more than $700 million in value-added annual earnings,
and these dollars circulate throughout the state's economy providing revenue
for Connecticut and its many businesses. Perhaps as impressive, CCSU graduates have exceptional
success in finding jobs and starting careers. Within one year of graduation,
over 77% are employed.
EXPENDITURES
CCSU's total annual operating expense for Fiscal Year 2008 was
$198.9 million.
These expenses directly support the University's mission-providing payroll
benefits, educational equipment, library supplies, professional resources,
repair and maintenance facilities, and other essential goods and services-and
create an estimated economic impact of $423.66 million.
BUILDING FOR THE FUTURE
Marked progress has been made on CCSU's major campus revitalization
program. In recent years several important, student-centered projects were
completed, providing updated and upgraded facilities with state-of-the-art
instructional equipment. These facilities enable CCSU to educate a largely
state-based workforce that will continue to produce benefits for Connecticut
well into the 21st century. (The annual average is determined by
using the last five year total capital
expenditures of $126.6 million and the standard
economic multiplier of 2.13. |
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Work continues in making CCSU's campus welcoming,
supportive, and sustainable. Recent total capital expenditures average $6.4
million annually, creating an economic impact of $13.7 million in FY 2008.
ACTING RESPONSIBLY
CCSU has played a vital part in New Britain's educational
and cultural life since its inception in 1849. But we do not have "free rent"
in the city. The University's land and buildings are owned by the State of
Connecticut, which makes an annual Payment in Lieu of Taxes (PILOT) grant to
New Britain. For fiscal year 2008, that payment was $4,032,898.
STUDENT SPENDING
Our students contribute to the region's economy, too. More
than 12,000 students are on the CCSU campus on a daily basis. Their estimated
annual spending of $58 million (in addition to tuition, fees and room and
board) generates an estimated economic impact of $123.5 million in the region.
STUDENT COOPERATIVE PROGRAMS
Co-op programs provide CCSU students with valuable
work-related experience, as well as opportunities to make connections with
potential employers. During the 2007-08 academic year, 217 CCSU students worked
for 47 employers and earned $3,545,433.** The impressive figure represents another
sharply focused indicator of how much and how well Central students contribute
to businesses across the state. It is also noteworthy that nearly two thirds of
them are offered full-time employment by the firms and agencies with which they
work.
STUDENT INTERNSHIPS
Connecticut businesses also rely on a wide range of
internship programs and opportunities involving Central students. In a typical
year CCSU interns provide nearly 435,000 hours of work, both paid and unpaid to
area businesses, schools agencies and industries. Based on an average wage of $14.00,
those hours readily translate into roughly $6.1 million in "free labor."
EMPLOYEE STATE AND FEDERAL REVENUE IMPACT
With more than 1,700-full and part-time employees CCSU is
New Britain's third largest employer. The University also employs almost 900
students. In the past year, $3.6 million in state and $11.5 million in federal income taxes were withheld.
* Economic impact determined using a standard and customary
multiplier coefficient of 2.13.
** Total earnings computed as follows: 217 students x 26 weeks x 40 hours per week x
avg. hourly salary of $15.71
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