CT State’s Economic Impact Study

Driving Connecticut’s Economy

Connecticut State Community College (CT State) serves as a vital economic engine for the state, significantly benefiting the business community and delivering a strong return on investment for students, taxpayers and society. A new report highlights CT State’s role as both an economic catalyst and a strategic resource for Connecticut, emphasizing its contributions to individual growth, career readiness and the overall economic vitality and resilience of the state. The study, The Economic Value of Connecticut State Community College, was conducted by Lightcast, a global leader in labor market analytics, and reflects data from fiscal year 2023.

Economic Impact Analysis

In FY23, CT State added $3.0 billion in income to the Connecticut economy, a value approximately equal to 1.0% of the state’s total gross state product. Expressed in terms of jobs, CT State’s impact supported 29,777 jobs. For perspective, the activities of CT State and its students support one out of every 82 jobs in Connecticut.

Operations Spending Impact

Impact of annual payroll and day-to-day spending

CT State employed 6,700 full-time and part-time faculty and staff. Payroll amounted to $354.1 million, much of which was spent in the state for groceries, mortgage and rent payments, dining out and other household expenses. The college spent another $115.8 million on its expenses related to facilities, supplies, and professional services.
The net impact of the college’s operations spending added $379.9 million in income to the state economy in FY23.

$379.9 million

Operations Spending Impact

building with people in front of it-illustration

6,700 employees
19 locations around the state

Student Spending Impact

Around 2% of students attending CT State originated from outside the state. Some of these students relocated to Connecticut. In addition, some in-state students, referred to as retained students, would have left Connecticut for other educational opportunities if not for CT State. These relocated and retained students spent money on groceries, mortgage and rent payments, and other living expenses at state businesses.
The expenditures of relocated and retained students in FY23 added $64.0 million in income to the Connecticut economy.

$64 million

Added Income to the Connecticut Economy

From the expenditures of relocated and retained students in FY 2022-23 added.

$3.0 billion

Total Impact

29,777

Job Supported

Investment Analysis

Student Perspective

CT State’s FY23 students paid a present value of $82.5 million to cover the cost of tuition, fees, supplies and interest on student loans. They also gave up a value of $95.1 million in time and money had they been working instead of attending college.
In return for their investment, students will receive a cumulative present value of $985.0 million in increased earnings over their working lives. This translates to a return of $5.50 in higher future earnings for every dollar students invest in their education. Students’ average annual rate of return is 20.3%.

Social Perspective

In FY23 Connecticut invested $585.2 million to support CT State. In turn, the Connecticut economy will grow by $3.9 billion, over the course of students’ working lives. Society will also benefit from $67.5 million of public and private sector savings.
For every dollar invested in CT State in FY23, people in Connecticut will receive $6.80 in return, for as long as CT State’s FY23 students remain active in the state workforce.

Alumni Impact

Over the years, students have studied at CT State and entered or re-entered the workforce with newly acquired knowledge and skills. Today, hundreds of thousands of these former students are employed in Connecticut.
The net impact of CT State’s former students currently employed in the state workforce amounted to $2.6 billion in added income in FY23.