SHU Contributes More Than $1.6 Billion to State’s Economy
Report shows University and student spending significantly bolster state’s economic health
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 $975 million annually: students spend more than $96 million, and University visitors spend nearly $1 million. Other spending, called “induced spending,” accounts for another $657 million. In addition, SHU is responsible for creating or retaining 11,866 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 $15.4 billion into the state annually, based on fiscal year 2019 data.
The 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.
Many of Sacred Heart’s initiatives and community partnerships also account for the large economic impact in the region as well as the quality of life. Horizons at SHU, a non-profit academic enrichment program serving Bridgeport students throughout the school year and summer, brings children and their families to campus, as well as talented teachers and instructors.
Last fall, SHU assumed management of the Discovery Museum, now Sacred Heart University’s Discovery Science Center & Planetarium. The center will speak to the University’s core mission, providing a space for academic exploration and experiential learning, especially in the areas of education and science.
In 2019, SHU acquired the former Fairfield Community Theatre, now known as the Sacred Heart University Community Theatre. It was recently renovated, and the plan is use the facility to showcase films and live events, from plays to lecture series to musical performances. The state-of-the-art facility in downtown Fairfield will not only benefit SHU students and faculty, but also provide entertainment for the community, and allow a space for other organizations to host events. This all brings commerce to the area.
Sacred Heart also offers a 50% tuition discount for first responders throughout the tri-state area who enroll in a variety of programs. The University is proud to offer this service, providing professionals with an education all while making a positive impact on the economy.
“Our main economic benefit to Connecticut is the high-quality education our schools deliver to students and its relevance to the needs of employers. Many of our graduates remain in Connecticut and become key players in our knowledge-based economy,” said SHU President John J. Petillo, who is a former CCIC chair.
The CCIC report points out that Connecticut’s private colleges and universities enroll more than 83,000 students statewide, including more than half of all undergraduate students, and 62.7% of all graduate students at four-year and above institutions. These colleges award 47% of all bachelor’s degrees earned annually and 64% of graduate degrees, the report states.
Visit the CCIC website for more information on the study.