The University of Connecticut generates $5.3 billion in statewide economic activity, according to a report released by the university last Tuesday.
University President Thomas Katsouleas, along with other UConn officials, presented the report to legislators, business leaders and Gov. Ned Lamont in downtown Hartford on Tuesday.
“UConn’s $5.3 billion impact on statewide economic output includes $3 billion generated directly by the University, and from spillover effects on other affected industries ($914 million) and households ($1.4 billion),” according to a UConn Today article.
The report details UConn’s 25,900 university-supported jobs, $277 million in contributions to state and local tax revenue as well as jobs and revenue attributed to university research. The report also states that about 77 cents were generated in the state economy for every dollar invested by the University.
The report states that UConn’s impact included “26,000 jobs supported through $2.6 billion in labor income that accrues not just directly from UConn but also from business-to-business and household spending,” and that “the statewide output traced to UConn amounted to approximately $1,500 per Connecticut resident.”
The report specifies that the Storrs campus has contributed $2.7 billion to state output. Its added value to the state economy makes it the most economically impactful of all the university’s campuses.
“The Storrs campus contributed $2.7 billion to state output, over 13,000 jobs, $1.2 billion in labor compensation, and $1.4 billion in value added to the economy, making it the lead campus in terms of total impacts,” the report said.
The UConn Today article defined “value added” as “referring to the difference between the value of input and the cost of raw materials.”
University of Connecticut President Thomas Katsouleas attributes much of the economic impacts of the university to its consistent research done by students and professors.
“Good public universities support the education and workforce needs of a state,” Katsouleas said. “But a great public flagship research university is the crown jewel of its state, uplifting the minds and spirits not just of its own students, but of the surrounding communities, the entire state and beyond.”
The report also had a feature breaking down the university’s economic impacts on each of Connecticut’s eight counties.
For example, in Hartford County, UConn Health had a $10,515 billion employment impact, a $1.2 billion labor income impact and a $1.2 billion “value added” to the state economy, amounting to a total economic impact of $2.2 billion, according to the website.
Katsouleas emphasizes that it is important to measure UConn’s contributions, monetary or not, to the state, especially to give Connecticut citizens an estimate of their return on investment in the university.
“Effectively measuring UConn’s contributions allows us to demonstrate key aspects of the value the university brings to the state and its people,” Katsouleas said.
Amanda Kilyk is a campus correspondent for The Daily Campus. She can be reached at email@example.com.