Economic Impact

Job Creation • Community Service • Economic Vitality

 

At Sacred Heart University, we’re proud to make a positive impact in the community—by volunteering in local organizations, creating local jobs and contributing to the local economy.

Sacred Heart University’s economic impact in Connecticut is about an eighth of a billion dollars, according to the results of a 2011 study conducted by the Connecticut Independent College & University Institute for Research & Public Service (cicu-IRPS).

The study found that SHU spent more than $51.59 million in employee compensation (salary and benefits), capital and operating costs during 2010, the year under analysis. Spending by students and visitors was nearly $12.6 million. The study also noted that SHU employed the equivalent of more than 901 full-time faculty and staff, with another 1,413 earning a living in off-shoot businesses.

The impact of Sacred Heart University on Connecticut’s economy is:

A total impact of $141.33 million in sales of goods and services in Connecticut including:

  • $84.58 million in spending, including $71.91 million spent by the institution for employee compensation (earnings), operating and capital costs; and $12.67 million spent by net new students and campus visitors
  • $56.75 million in indirect or induced economic activity in the rest of Connecticut's economy

A total of 2314 jobs in Connecticut including:

  • 901 full-time equivalent positions at the institution
  • 1.413 full-time equivalent positions in the rest of Connecticut’s economy

Increased earnings, and state and local tax revenues from job creation including:

  • $51.59 million in earnings for 901 full-time equivalent positions at the institution
  • $45.97 million in earnings for remaining 1,413 full-time equivalent positions in off-shoot businesses and in the rest of Connecticut’s economy
  • $20.54 million in tax revenue from the institution’s economic activity

Increased earnings, and state and local tax revenues from alumni living and working in Connecticut including:

  • $1.418 million in earnings for 21,161 alumni living in Connecticut
  • $179,985  million in tax revenues paid by 21,161 alumni living in Connecticut

Impact on State and Local Tax Revenues:

The 15,755 alumni living in Connecticut generate state and local tax revenue as follows:

  • $59,464.055 million in sales and excise taxes
  • $70.168.425 million in income tax
  • $50.352.659 million in property taxes
  • This amounts to a total of $1.418.296 billion in state and local taxes

SACRED HEART UNIVERSITY – DETAIL

Direct Impact on the Connecticut Economy

Table 1. Direct Impact on State of Connecticut (in millions) (2010)

Spending in Connecticut

Amount

Earnings (Wages, Salaries, Benefits)

$51.59

Institutional Operations

$11.61

Institutional Capital Expenses

$8.72

Student Expenditures

$12.59

Campus Visitors

$0.07

Total

$84.58

Table includes expenditures in Connecticut only.