CCIC Study Shows SHU Contributes More Than $1.6 Billion to State’s Economy
University and student spending significantly bolster state’s economic health according to report
Sacred Heart University plays a significant role in maintaining the state’s economic health, according to a report the Connecticut Conference of Independent Colleges (CCIC) released recently. It found that SHU contributes more than $1.6 billion to Connecticut’s economy each year.
The CCIC’s study examined the ways in which Connecticut’s private colleges and universities affect the state’s economy. It found that direct spending by Sacred Heart, its employees, students and visitors exceeds $998 million annually: students spend more than $112 million, and University visitors spend nearly $200,000. Other spending, called “induced spending,” accounts for another $672 million. In addition, SHU is responsible for creating or retaining 12,140 jobs.
The report, which the CCIC releases biennially, points to the critical role the state’s independent colleges and universities fulfill in helping maintain Connecticut’s economic health. Specifically, it found that Connecticut’s 15 nonprofit colleges and universities together pump $16.5 billion into the state annually, based on fiscal year 2021 data.
“We are excited to see the economic benefit our high-quality education provides the state,” said SHU President John J. Petillo, who is a former CCIC chair. “We make it our mission to deliver knowledgeable, well-rounded and skilled students into the workforce, and we are pleased they are making a difference in our community.”
From its original class of 167 commuter students, Sacred Heart is now the second-largest Catholic university in New England and one of the fastest-growing doctoral universities in the country, according to the Chronicle of Higher Education. SHU has more than 10,000 full- and part-time undergraduate and graduate students hailing from across the United States and around the globe. It has grown to include nine colleges and schools and it continues to expand its program offerings.
The University has also grown the size and depth of its campus increasing to more than 300 acres with purchases around the area over the last 10 years. These include the Jewish Senior Services land adjacent to the University that is now home to our residential Pioneer Village; our West Campus, which is home to the Colleges of Business and Education, the School of Computer Science & Engineering and many STEM programs as well as our brand new Martire Family (ice) Arena and is the former General Electric world headquarters; Fitness 4000 in Bridgeport, which is now home to SHU’s Center for Healthcare Education; and Great River Golf Club in Milford. New buildings on the original land include the Chapel of the Holy Spirit, the Linda McMahon Student Commons and the Valentine Health & Recreation Center. We have more than 2.5 million square feet of building space as well as a satellite campus in Stamford where our physician assistant program is located, and an international campus in Dingle, County Kerry, Ireland.
The University has reopened and is running what is now known as the Sacred Heart University Community Theatre in the center of downtown Fairfield. The Sacred Heart University Discovery Science Center & Planetarium (formerly the Discovery Museum & Planetarium) is now under the management of Sacred Heart with brand new and updated exhibits and a more immersive planetarium and state-of-the-art facilities.
The CCIC’s study measured each institution’s direct impact (money spent by the university, its employees, students, alumni and visitors) and induced economic impact (money local businesses spent to meet the needs of the university and its students). SHU students, their families and visitors, for example, spend millions of dollars annually on groceries, gasoline and purchases at stores, restaurants, laundromats, pharmacies and the myriad small businesses that serve SHU’s population.
The CCIC report also points out that Connecticut’s private colleges and universities enroll more than 80,000 students statewide, including more than half of all undergraduate students, and 65% of all graduate students at four-year and above institutions. These colleges award 46% of all bachelor’s degrees earned annually and 67% of graduate degrees, the report states.
Visit the CCIC website for more information on the report.