The 5,400 undergraduate and 1,700 graduate students returned to campus and began spring semester classes on Jan. 24. According to a recent economic impact study, they bring with them a large economic boost for the area.
In 2011, New England’s largest accounting, tax and business consulting firm was the lead funder of a first ever study of the University’s student spending habits. It found that, excluding tuition, fees, and on-campus room and board, University students spend about $31.2 million annually in the three municipalities where the campus is located – Bloomfield, Hartford, and West Hartford, CT.
This spending in turn stimulates $55.6 million in spending in the local economy.
The economic impact study, which also was supported by the Town of Bloomfield, eFollett.com college bookstores, and Aramark food service, also found that direct University of Hartford student spending supports nearly 500 jobs in the local economy.
With nearly 1,100 employees, the University of Hartford is a $250 million plus employer that attracts more than 7,000 students annually from 48 states and more than 60 countries. The University’s total payroll in 2011 was approximately $70.8 million which generated $2.7 million in state revenues and $12.6 million in federal revenues by taxes withheld from employees’ salaries.
The study also notes that University of Hartford spending on goods and services in fiscal year 2011 was approximately $32.4 million. Approximately 1,500 University of Hartford students work off campus.
“As Governor Malloy’s economic initiatives begin to move the state and regional economies along at a faster pace, it is an opportune time to note the importance of institutions and businesses like the University of Hartford and their continuing strong impact on Connecticut’s economic fabric, even through the recent recession,” says said John Carson, Vice President of University Relations. Carson, who was the state’s Commissioner of Economic Development in the 1980’s, adds, “Educating the work force of the future is our prime mission, but generating sales and jobs for today is also something we do and do very well in our tri-town communities.”
The economic impact study was completed by University of Hartford students Matthew Wyman, Zachary Dryden and Max Accardo under the direction of Barney School of Business Associate Professor Jeffrey Cohen.
For more information on the study, contact John Carson, vice president of University relations, at 860.768.4273 or email@example.com.
Chartered in 1957 with the mission to be a “private university with a public purpose,” the University of Hartford offers undergraduate, graduate, and professional programs in the arts, humanities, business, engineering and technology, education, and the health professions. For more information about the University, visit www.hartford.edu.