FAIRFIELD—The total annual economic impact of Fairfield University is more than $987 million, according to the Connecticut Conference of Independent Colleges (CCIC) 2023 Economic Impact Study. The university’s economic impact was measured in terms of both the direct and the induced economic impact of the university’s activity on the local economy.
Direct spending, defined as the amount of money spent directly by the university, its employees, students, alumni, and visitors, was valued at over $589 million, with $123 million contributed by employees alone, and above $56 million generated with direct spending by students and visitors.
The induced economic impact — the additional employment and expenditures of local industries that result because of direct spending — was valued at nearly $400 million.
Included in the total amount is the opportunity that Fairfield University brings to the region with 7,171 jobs created, and the impact of more than 13,000 Fairfield University alumni who call Connecticut home.
“Fairfield University continues to serve as a powerful resource to our state’s economic success,” said Vice President of Marketing and Communication Jennifer Anderson ’97, MBA’02. “We have invested in expanding the University’s nationally ranked programs, enhancing our learning, living, and research spaces, and offering a rigorous associate’s degree-level education to promising students in underserved communities in our region. Fairfield alumni who make Connecticut their home after graduation are making a significant impact in many high demand fields across our state.”
The 2023 report on the economic impact of the state’s 15 non-profit independent colleges and universities used FY ’21 data to present an analysis of payrolls, spending for goods and services, the spending of students, faculty, staff, and visitors, as well as indirect and induced job creation, and spending that occurs because of the presence of these institutions in their communities. The study found that Connecticut’s non-profit independent institutions of higher education generate a total impact of $16.52 billion to the state’s economy, representing a direct economic impact of $10.1 billion in direct institutional spending for employee spending, university purchases, capital expenditures, student, visitor, and alumni spending, as well as another $6.4 billion in induced spending.
“The non-profit independent higher education sector is a key driver in Connecticut’s economy,” said Jennifer Widness, president of the Connecticut Conference of Independent Colleges (CCIC). “Collectively, our member institutions are economic engines in this state, serving as magnets attracting students and their families, alumni, and tourists that all spend money locally yet use minimal municipal services. They are large employers in the communities (the largest, in some instances) and collectively employ nearly 30,000 people statewide.”
Founded in 1932, the Connecticut Conference of Independent Colleges (CCIC) is an association that represents 15 accredited nonprofit independent colleges and universities in Connecticut. CCIC provides public policy leadership and support of higher education, fosters cooperative efforts among colleges and universities and serves as a liaison between the state and the independent institutions. Visit CCIC at www.theccic.org.